Accounting Tips for New Small Business Owners

Posted by ivanpw under Finance
From http://www.smbceo.com 3827 days ago
Made Hot by: BizWise on November 4, 2013 12:43 am

Small business owners often oversight the importance of accounting. Here are what you need to know even before you start your business.

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Comments

Written by lyceum
3813 days ago

Ivan: I look forward to hear from you, when you know... ;)

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Written by lyceum
3816 days ago

Ivan: I agree with you. That's is a good decision. Who's next in line? ;)

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Written by ivanpw
3813 days ago

Not sure, Martin :)

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Written by lyceum
3816 days ago

Ivan: My guess that GoDaddy is trying to do a make-over and tone down the presence of Bob Parson.

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Written by ivanpw
3816 days ago

Martin,

It's about time - it's better to step down from the spotlight and let the biz manged by someone else :)

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Written by lyceum
3818 days ago

Ivan: Is Bob Parson still around?

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Written by ivanpw
3817 days ago

Martin - I don't know... perhaps - he's busy with his non-profit, I suppose...

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Written by lyceum
3818 days ago

Ivan: That is a plausible answer. How will manage to do everything? ;)

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Written by ivanpw
3818 days ago

Martin,

They have the customer base - all they need is pitch their new services to the existing, ripe market.

Very smart, Bob Parson!

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Written by AngelBiz
3819 days ago

Ivan - I agree. Accounting does not get as much attention as it should. I particularly like your tips #2 and #3. Mixing up personal and business expenses is a recipe for trouble down the road.

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Written by ivanpw
3819 days ago

Harry,

I agree - I've experienced it first-hand :)

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Written by lyceum
3819 days ago

Ivan: I have heard about Mint. I didn't know that GoDaddy was into accounting software. Do you have an idea why they are dabbling with this?

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Written by ivanpw
3819 days ago

Martin,

As far as I know, they want to offer their services as a solution for small business - from domain name, site design, site hosting, bookkeeping/accounting, etc.

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Written by lyceum
3820 days ago

Ivan: Which is your favorite accounting software?

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Written by ivanpw
3820 days ago

I like Mint, but for a smallbiz maybe GoDaddy's Outright is more relevant - haven't tried it though...

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Written by BizRock
3826 days ago

Very good read and amazing tips.Thanks for sharing this article with the Bizsugar community.

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Written by HeatherStone
3826 days ago

Hi Ivan,

I've got no clue whether most business owners track their expenses regularly but there are certainly several reasons to do it. One is to watch expenses and see how your expenditures are trending. But another is so that you're not surprised at tax time. For example, you don't want to delay making a needed investment until next year when it would have been better for you tax wise this year. The best way to avoid this kind of stuff is to track your expenses and use some kind of real-time accounting system so that you and your accountant can be in touch throughout the year making adjustments where necessary.

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Written by HeatherStone
3824 days ago

Agreed, Ivan. Thanks again for the post and for the comment.

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Written by ivanpw
3826 days ago

Heather,

Yes, I agree. No more "Excel accounting." There are web-based, secured accounting software today - let's make use of the tools to practice better accounting :)

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