Monthly Archives: October 2017

Whether or not you take care of your IT department or not you need to do something with some merit in your business. If you are too afraid to tackle the IT end, then doing your own bookkeeping might be the next best thing for you. Most small business owners wind up doing everything themselves until they get large enough or make enough money to support a staff to help them out. Until your business grows, it does not make much sense to hire people to do all the tasks that you don’t want to do (expect maybe IT that is) until you are turning a profit. Perhaps dabbling in bookkeeping and accounting are not on the top pf your list of things to get done but the alternative of working on the computers you will take the bookkeeping ends. Basic tasks such as paying your bills on time and financial reports all fall under the realm of bookkeeping. When it comes to the basics of bookkeeping you will find the lingo such as: cash (receipts and disbursements), accounts receivable (money due from customers’), accounts payable (bills to pay), loans payable (bills from items you bought on loan), inventory (products to sell), purchases (goods that you bought), sales (track incoming revenue owners),’ retained earnings (company’s profits that are reinvested into the business), equity (how much each owner puts into the business), and payroll expenses (your employees pay checks).

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