What are the main steps in accounting for small businesses?
If you have launched a small business recently, it’s the best time to get the bases of accounting covered. It is tempting to skip this complex step but once done it can help your business grow considerably. Some of you may hire licensed accountants for the task whereas others may try to do it on their own. Here are the basic accounting steps that can help you keep track of and manage your money effectively. Keep a separate bank account Open a separate bank account to stash your business income. This will keep your records distinct and help avoid any confusion later. You can start with a business checking account and proceed to a savings account for tax withholding purposes. Do your research properly before opening the account. Compare the fee structures involved in business accounts and choose the one you find most suitable. Track every expense It is crucial to track every expense if you want to monitor the growth of your business. From deductible expenses...