If you manage a small business, offering products or services (IT services, photography, consulting, selling on the web and etc.) undoubtedly you face with tracking of all your incomes and expenses regarding to your business. Having not enough money to hire an accounter or accounting company is possible to organize own simple bookkeeping for small business. Here we would like to present several advices how efficiently conduct own simple bookkeeping. Here could be useful a simple bookkeeping method.
Record keeping can be exercised quite simply on paper or in a calculating program on a computer. Split a sheet of paper into lobes or purchase columnar sheets from an office supply shop, use graph paper or form an ordinary spreadsheet on the computer. Mark the lobes giving them names in following order Date, Check Number, Description and Revenues and leave several columns for Expenses.
Mark each page with the present month. If you take advantage with calculating system, use a different tab for each month. Record revenues in one lobe and expenditures in several additional columns. To set up tax preparation in more simple way , use sections for your expenses that reconcile to the individual activity tax return, business Income or Loss. Log every done transaction whether from your checking credit card, or cash. At the end of every month, summarize the Income and Expense lobes.