Here are a list of questions to ensure you find a great accountant to fit your needs!
When you start your own business, it is common to make mistakes especially when it comes to accounting. Skipping small accounting tasks seems like it would save time, but it ends up costing time and sometimes even money in the future. It is better to get into a habit of taking care of accounting tasks early so they become less of an ordeal towards the end of the fiscal year. The focus should be clean, clear, and accurate accounting that will make your life easier. So, here are a few tips to help with your small business accounting.
Separate your business funds from your personal funds. Even if your business consists of only you. Create a separate account for the business and the business only. This not only allows you to make your reconciliations and end of the year deductions easier, it also lets you keep close accounting of your cash flow.
Many accounting professionals that work with small business owners will tell you that often they see the business owner not applying payments to open receivable accounts. It seems almost too simple to point out but it is easy to forget. Leaving receivable accounts open can cause major headaches down the road.
Reconcile all your accounts as soon as the statement is available. This process will be much easier now since the rest of your records should be accurate. Not reconciling accounts can reduce the amount of deductions you will receive.
Understand the tools and functions of your accounting software. Whether you are using QuickBooks or another software, understanding exactly what it can do and its limitations are important to making good use of your time.
Read the entirety of Terms of Credit agreements. Reading long terms can be monotonous at first but It can save you money in interest and other fees.
When first starting out it is easy to keep track of the small books you will be keeping. It is important to set up in a way that you can grow and scale without exponentially raising the amount of work you must put in to maintaining your books. You can set up automation in some online cloud based accounting that will allow your business to scale without you having to maintain all the accounting records by hand.
Use this tips for your benefit to learn from the mistakes that others have made in the past. Professionals are always ready to help with high level expert advice for small business owners.
Accounting Facts 1: ComputerCompter
was the original word of accounting. It was a derived from a French language. The meaning of compter is to count or score. The p letter on compter was dropped on the pronunciation and spelling of over the time.
Accounting Facts 2: record keeping
The people who were obsessed with record keeping were the ancient Romans. The military bases of roman always recorded the number of grains or even nails that they use and have in the workshops.
Accounting Facts 3: Luca Bartolomeo De Pacioli
Luca Bartolomeo de Pacioli wrote the first book about double-entry accounting in 1494. He was an Italian mathematician and Franciscan friar. This man is called as the father of modern accounting because of his book.
Accounting Facts 4: 19th Certified Accountant
In 1896, New York State issued the first certified public accountant exam.
Accounting Facts 5: FBI
The law enforcement cannot be separated from accounting. You may be surprised when you know that FBI has 1,400 accountants as their special agents.
Accounting Facts 6: Walter Dimer
Walter Dimer was an accountant who invented a bubble gum in 1928.
Accounting Facts 7: Al Capone
Some FBI accountants brought down Al Capone in 1931. This Chicago crime boss was charged of income tax evasion even though many people believe that he was subjected to crime such as murder and bootlegging.
Accounting Facts 8: celebrities
There are various celebrities who began their career as an accountant. Some of them include WWE wrestler D-Lo Brown, Chuck “The Iceman” Liddell, comedian Bob Newhart and jazz artist Kenny G.
Accounting Facts 9: Accounting Study
Before their big time, there were some celebrities who studied accounting. Some of them include singer Jane Jackson, lead singer of Rolling Stones, Mick Jagger and author John Grisham.
Accounting Facts 10: Academy Awards
Accountants are needed in Academy Awards. Prior to the Oscar night, the accountants will spend their 1,700 hours to count the Academy Award ballots manually.
List made by http://www.myinterestingfacts.com/
The Pathways Team