Relax, sip your cup of tea while YOU learn how basic bookkeeping practices help you to TAKE CONTROL of your business finances!
This site is designed as a series of casual chats for:
Is that you? Then this site is for you! Let's chat.
If you are a small business owner, it’s probably a good bet that bookkeeping isn’t your cup of tea. On the other hand, some people love bookkeeping (like me). Whatever way you look at it, it’s a necessary component of running a successful business
Good bookkeeping practices depend partly on the bookkeeping system you've set up. I'm talking more than software or the lack of it.
The method of data compilation for your business records, regardless of whether it is manual or computerized, is the BACKBONE of every small business, whether YOU the owner know it or not.
So I say .. if you gotta do it, you might as well do it properly.
don't want to be impolite so let me introduce myself, eh (I'm Canadian)
:o) I'm a certified professional bookkeeper working from home in
Allow me to be your private tutor to the world of small business accounting.
D i s c o v e r ...
... the tools of the trade you need to absolutely take control of your small business accounting in an informal, easy to understand way. ;-) Tools that make it easier than ever to be successful at the financial management of your business.
Because the GOAL is to have a life outside your business ... not to be in business to work every day ... but to build business value. Isn't that what you really had in mind when you started on this path of entrepreneurship?
I LOVE your website and the path you've taken.
I started out working from my home office 6 years ago and have had some ups and downs but I'm always finding it difficult to get answers to various questions that come up.
Your site has been a soft landing spot for me and I actually took 10 minutes out to read through it instead of just coming here to pick out my answer and leave.
I have many more things to read but I just wanted to thank you for giving us a place to go.
Good Luck to you!
Lucy from Markham, Ontario, Canada, February 2009
I share my notes on good bookkeeping practices ...
... some of which are not taught when you get a formal education ...
... because not all small business owners follow the rules! (I see you grinning, yes I do.)
The chats assume you are a small home-based business owner who knows a little bit about bookkeeping.
You will find help with common bookkeeping entries, compliance deadlines and more.
In developing this site, I purposely keep it casual ...
... and full of practical, solution oriented tips ...
... to help with your everyday bookkeeping problems.
"The time to have a map is before you enter the woods." Brendon Burchard
Six components are essential in designing the proper accounting system for your home based business. These components form the foundation upon which YOU, the owner, will make informed business decisions. Here's what you need to do:
It’s important to understand that your accounting system will change as your business grows.
Your size, your business structure, your industry, your internal control requirements means your system
needs to be considered carefully. It needs to be designed so it is easy
to use and in such a way that you can understand it even if you don’t
have bookkeeping training. In other words, your accounting system needs to serve you just as well as your bookkeeper, your accountant or the tax auditor.
To serve you well, it needs to ...
We’ll cover each of the six essential components separately in the coming days. IF you want to start at the beginning, start by considering ...
But some of you just aren't planners and thinkers. You want to jump right in and get started. This next part is for you.
I like to break good bookkeeping practices into seven categories:
Click on an image to go to the chat.
1. Get yourself organized. Enter your data regularly.
2. Use computer software so you can mine your business data.
3. Learn to create audit trails as you go. Some are super easy to implement.
4. Reconcile your bank statement, credit card and vendor statements regularly.
5. Comply with federal record retention requirements.
6. Learn to avoid what gets sole proprietors in trouble with the CRA/IRS.
7. Prepare and file your U.S. and Canadian government compliance reports (sales and use tax, employment and payroll tax, worker's compensation and income tax) on time. Remit the amounts owing. Don't have the money? Don't worry. I have a tip for you; just follow the country link you run your business from.
... systematically look over your business finances with an eye to
increasing your profits? Plus know how to get all the tax deductions you
are entitled to?
You are obligated by law to pay only your fair share of tax, so why pay more?
Would having the opportunity to put more cash in your pocket legally make record keeping more enjoyable for you?
No one will take better care of your finances than YOU. Even if you have a bookkeeper and accountant, you still need to take time to understand and manage your business' finances. Isn't it time to take control?
I enjoyed your website!
I was searching for info related to online courses to get started in bookkeeping. My object was to get training to do bookkeeping for several small businesses.
I am retired, and have a bit of bookkeeping/accounting and some familiarity with Simply Accounting. Just don't feel qualified to "hang out my shingle" yet.
Lots of info and links! I spent quite a bit of time here but could spend more hours yet!
Dave from Nakusp, British Columbia, Canada, March 2010
I invite you to schedule a regular tea break with me over the next few weeks. I know you are busy. That's why I recommend you schedule regular short 15 minute tea breaks ... learn in bite sized pieces as you make your way through the over 500 pages on this site.
It'll be frustrating and confusing at first but stick with it and you will eventually start to "get it". I've purposely arranged the material on the site into bits and chunks because in my experience that's how you creative sole proprietors take in your information.
Remember, this isn't school and there are no tests. Just relax and enjoy learning more about running your business.
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