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WAHM Home Page > Free Small Business Bookkeeping Tutorial  - Part One: Why Does Your Business Need Bookkeeping?

Why Does Your Business Need Bookkeeping? 

Bookkeeping is a necessary evil that all business owners must face in managing their businesses.

Making sure you keep accurate bookkeeping records allows you to always know who owes you money and who you owe money to.

There are many reasons why you need to maintain up to date and accurate records:

 

  • You will need accurate records in order to prepare financial statements. Financial statements will provide you with crucial information such as what your company has for liabilities, assets and equity. They will also show you what your company’s net profit is for a given period. You will need accurate financial statements if you ever wish to obtain a business loan or credit.



  • Good bookkeeping records will help you out tremendously when you prepare your taxes. You will want to make sure you are able to track all your company’s deductions so that you do not end up paying in more taxes than you absolutely have to. Also, having well organized records for your accountant makes his/her job quicker, thus saving you money.



  • Allows you to determine if your company is progressing or not. If you keep good records, you will be able to determine which items are selling and where you may need to make improvements. 



  • Allows you to determine which times of the year business is slower of faster. This will help you determine when you can afford to make any large purchases or when you need to order more or less inventory.



  • Should your company ever be audited, you will need to provide your financial records in order to verify all your expenses & income.



  • Should you ever decide to sell your business, you will need accurate financial records to show potential buyers.

Click here to download your free Bookkeeping Records Checklist

Tutorial Contents:

Part 1: Why Does Your Business Need Bookkeeping

Part 1 Download:
Bookkeeping Records Checklist 
(You will need Adobe Acrobat Reader to read this files. If you do not have Adobe Acrobat Reader, you can download it for free.)

Part 2: Bookkeeping Systems and Methods

Part 2 Download: Excel Spreadsheet Accounting Forms Packet (Instructions are included in the help tab).

Jacky Gamble is an experienced bookkeeper and available to assist small businesses both locally and virtually.

MORE BOOKKEEPING TIPS

24 Bookkeeping tips - more tips from Michelle Carley

 

 

 

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