Keeping the Books: Basic Recordkeeping and Accounting for the Successful Small Business
Learn the basics of small business bookkeeping.\ The premier resource for basic bookkeeping and business record management, Keeping the Books is a comprehensive, yet down to earth, treatment of one of the most important, yet often neglected, aspects of running a business. User-friendly and packed with easy-to-understand illustrations, worksheets, and forms, this popular financial reference tool is completely updated, and replete with the variety of IRS forms that entrepreneurs have to be...
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This introductory guide offers advice on choosing an accounting method, developing a chart of accounts, organizing record-keeping, and interpreting the records later. A glossary of accounting terms, a list of business resources, and sample forms are also included. Pinson is a trainer and consultant. Annotation ©2004 Book News, Inc., Portland, OR Booknews Pinson is a speaker, author, educator, consultant, and expert in business planning and financial management. Written in a personable style, her book provides a concise overview of bookkeeping and record management for small businesses. Topics include recordkeeping basics, income and expenses, cash accounting versus accrual accounting, financial statements and their analysis, common tax forms/publications for use in recordkeeping, tax reporting schedules, and the preparation of records for tax filing purposes. Concepts are illustrated with sample forms, and worksheets are provided in an appendix, along with a list of small business resources and glossary of accounting terms. Annotation c. Book News, Inc., Portland, OR (booknews.com)
AcknowledgmentsxChapter 1Recodkeeping Basics1Functions of Recordkeeping1When Does Recordkeeping Begin?3Chapter 2Income and Expenses5Income (or Revenue)5Expenses5What Are "Deductible" Expenses?6Common Deductible Expenses7Chapter 3Cash Accounting versus Accrual Accounting9"Cash" and "Accrual" Accounting Defined9Which Method Will You Be Required to Use?10Pros and Cons of the Two Methods11Can You Change Methods from Year to Year?12Chapter 4Essential General Records for Small Business13Single and Double Entry Systems14Numbering of Accounts16General Journal18General Ledger20Single Entry Accounting25Revenue & Expense Journal26Petty Cash Record30Inventory Record32Fixed Assets Log38Accounts Receivable40Accounts Payable42Payroll Records44Independent Contractors47Transportation, Entertainment, and Travel Expenses50Customer Information Records56Business Checkbook58Receipt Files60Chapter 5Financial Statements61What Are Financial Statements?61Balance Sheet63Profit & Loss Statement or Income Statement66Business Financial History70Personal Financial Statement74Pro Forma Cash Flow Statement or Budget76Preparing Your Cash Flow Statement77Completing Your Pro Forma Cash Flow Statement84Quarterly Budget Analysis86Three-Year Income Projection88Breakeven Analysis90Chapter 6Financial Statement Analysis93Financial Statements93Liquidity Analysis96Profitability Analysis98Debt Measures100Investment Measures101Vertical Financial Statement Analysis102Horizontal Financial Statement Analysis104Summary105Chapter 7Taxes and Recordkeeping107Basic Understanding of the U.S. Tax System107Federal Taxes for Which You May Be Liable109Calendars of Federal Taxes109Income Tax (for Sole Proprietors)114Home Office Deduction117Income Tax (Partnerships)119Income Tax (S Corporations)122Income Tax (Corporations)124Estimated Tax (for Sole Proprietor, Individual Who Is a Partner, or an S Corporation Shareholder)127Estimated Tax (Corporations)130Self-Employment Tax (for Sole Proprietor, Individual Who Is a Partner, or an S Corporation Shareholder)132Social Security (FICA) Tax and Withholding of Income Tax135Federal Unemployment (FUTA) Tax142Payment to Nonemployees for Services Rendered145Taxpayer Identification Number (EIN)148Free Tax Publications Available from the IRS149Summary152Chapter 8Recordkeeping and Tax Reporting Schedules153Organizing Your Recordkeeping153Building Your System154Recordkeeping Schedule156Tax Reporting Schedule158Chapter 9Preparing for Uncle Sam161What to Give Your Accountant162The Last Chore163Appendix IIndependent Contractors: Facts versus Myths165Appendix IIWorksheets173Small Business Resources197Glossary199Index207
\ BooknewsPinson is a speaker, author, educator, consultant, and expert in business planning and financial management. Written in a personable style, her book provides a concise overview of bookkeeping and record management for small businesses. Topics include recordkeeping basics, income and expenses, cash accounting versus accrual accounting, financial statements and their analysis, common tax forms/publications for use in recordkeeping, tax reporting schedules, and the preparation of records for tax filing purposes. Concepts are illustrated with sample forms, and worksheets are provided in an appendix, along with a list of small business resources and glossary of accounting terms. Annotation c. Book News, Inc., Portland, OR (booknews.com)\ \
