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Bookkeeping
Keeping accurate books for your business is extremely important. Many businesses pay higher taxes than necessary because they simply do not keep track of their expenditures. This can lead to the making of bad business decisions as well as cause credit problems and tax troubles. Whether you keep track of your books manually, use a software package, or utilize the services of a professional accountant, it is important to start things out right with a good Chart of Accounts so that you properly categorize your assets, liabilities, income and expenses. With a proper set of books, you can more easily plan for the future of your business as well as spot potential issues before they become large problems. |
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| Intuit (www.intuit.com) has computerized software and web based tools to automate the books for your business as well as for your personal life. Quickbooks (www.quickbooks.com) is their primary business accounting package and Quicken (www.quicken.com) is their tool for individuals and sole proprietors. When it comes to tax time, Intuit also offers computerized tax software for home and business. It is called TurboTax (www.turbotax.com). |
| ezREB is an integrated accounting software for small businesses. While lacking some sophisticated features of its competitors, it is simple/easy to use and to understand. It sells for $99 but SCORE clients can get it free during 2007 and thereafter get a $33 REBATE with the promotion code: 5733A5. For details see :www.RealEasyBooks.com/rebate.htm. |
The Naples/Collier Chapter of SCORE
also holds workshops on Bookkeeping and Record Keeping where
we demonstrate both manual accounting techniques and computerized
accounting. See our schedule at www.scorenaples.org/workshop.htm
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Even if you manage your day-to-day books yourself, utilizing an accountant for periodic spot checks and tax advice is highly recommended. An accountant with the designation of CPA tells you that they are certified by the State Board of Accountancy as meeting and maintaining the qualifications, standards, and professionalism required to competently practice public accounting. CPA's are highly recommended for the needs of corporations, while general bookkeepers may be adequate when running a sole proprietorship. Probably the easiest way to find an accountant or bookkeeper is to look in the Yellow Pages under ACCOUNTANTS. There should be separate sections for CPA's and General Bookkeeping Services. |
| Wanting to learn some basic bookkeeping skills on your own? Your local library has a wide variety of books on Accounting that can help you! |
For most small businesses, cash accounting is the easiest method to learn and use. It involves keeping track of income as you actually receive it and keeping track of expenses as you actually pay for goods or services. The alternative method of accounting which is often utilized in large businesses is called accrual accounting. This method of accounting involves tracking income when it is earned (rather than received) and tracking expenses when they are incurred (rather than when they are paid). |
| Keep a seperate bank account for your business. Try to avoid the use of a Debit card as it can make tracking your expenses more difficult as there is not much of a paper trail. |
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 SCORE
is a Resource Partner with the U.S. Small Business Administration |
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SCORE
Naples Office Hours: Mon-Fri 9am-noon |