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Simple Accounting Tips To Avoid Desperate Measures by Fiona Gilford http://www.fineaccounting.com If you lived on "Mysteria Lane", perhaps your small business accounting system could get away with slipping the record books into a trunk and burying them in the backyard. Then, you could even fire the accounting firm. But, a real world small business can't treat its accounting tasks this way and expect to survive. Every small business needs some sort of checks-and-balance to keep operations running smoothly. These methods don't need to be outsourced for big bucks either. Many duties can be simply carried out after some basic instruction and after following accounting software help guides. Not every small operation has the talent to carry out accounting and bookkeeping duties. Also, not every businessperson knows how to juggle accounts and numbers. Basically, an accountant takes care of accounts, expenses and income while a bookkeeper balances books. Many small businesses find these duties as confusing as learning a foreign language. Even though it might seem easy and tempting to outsource all of these financial duties, there are ways to handle many of the more simple tasks in house. For many small businesses, the thought of paying so much for these services isn't practical. Accounting may seem like its own language at first; however, many of the simpler functions like invoices and checkbook balancing can be done in house with ease. Fortunately, accounting software is designed to take away the guesswork so you can concentrate on your other business. Below are a few basic duties and software that helps you perform those everyday functions: ~ General accounting: Track and store your business affairs in a separate location from your personal accounting activities. Use these entries to create reports like a budget analysis. Allow smart reminders to inform you if your expenditures are exceeding the budget. Select appropriate file names and locations to later reference at tax time. Print out checks, but sign each one personally. Pay bills online with a secure credit card. Programs: Microsoft Money, Microsoft Small Business Accounting, and QuickBooks. ~ Classes and tutorials: Learn terms and operations. Take classes for a minimal fee or for free. Pay for an accounting professional to come into your business and help you get up and running smoothly. ~ Job Management: Perform functions to improve other business duties like create quotes, break down job expenditures, develop sales receipts and invoices, and compare actual expenses with estimated expense. ~ Payroll: Pay employees, track employee work time, and compile job expenses. Programs: Microsoft Small Business Accounting 2005 (up to 25 employees) and QuickBooks Pro. While accounting and bookkeeping duties don't come naturally to everyone, you may find that these analytical tasks are easier to perform after a little practice. Also, after easy to follow instruction and aid, you may find that you'll want to ditch many of those outsource services. Well, maybe not entirely, unless you live on "Mysteria Lane". |