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Accounting for Small Business Owners

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Wanting to Get a Handle on Your Business Finances?

This basic accounting site is designed to help small business owners, students, or anyone wanting to learn accounting in a simple easy-to-understand language.

The examples and tips in this accounting site will give you a solid foundation to build your accounting knowledge.

If you are just starting in your journey to understanding accounting basics better or a small business owner desiring to ensure your accounting system is set up correctly, see this twelve lesson accounting series!

This site also offers free accounting software downloads for small business owners. (see details below)

Understanding accounting concepts is a crucial component of a successful small business!

Such as:

Twelve Lesson Accounting Series

Free Accounting Software

Most business should and do use a double entry accounting system; however, there are certain circumstances where a small business can use a single entry bookkeeping system such as:

  • a start-up business; or
  • a small business with little or no accounts receivables (money owed to your business by your customers) and few or no liabilities (debts owed by your small business); or
  • a small business that cannot afford expensive accounting software just yet
  • ...my free accounting spreadsheets may be just what you need. See this page for details on the free accounting software that you can easily set up and begin to use right away: Free Accounting Software

    There are also sections of this site devoted to the small business owner such as setting up a petty cash account, free mileage log sheet with all of the required IRS information included, choosing the best small business accounting software, and how to set up payroll.

Accounting Resources

Reader Reviews

  • I absolutely love the spreadsheets!! Thank you so much! They are exactly what I needed."

    Becky Back to Natural
  • Thank you so much. I have been stressing about doing this accounting stuff for my husband. Quickbooks was too complicated for his small business and these spreadsheets are just what I was looking for!!!"

    Josi
  • As a small business owner my expertise has always been in marketing and customer service. I have struggled with many different options for my bookkeeping.

    Vickey's basic accounting help and ledgers have made my business so much easier!"

    Kelli
  • Thank you for your free spreadsheet! It has helped me tremendously to track daily sales and get a grip on the full scope of what revenues are coming in and my expenses.

    Business mileage can be a very good deduction for your small business. It can also be a nightmare, if all the IRS required information is not included in your mileage log.

    Gabby Gumdrop Swap

Accounting How To Resources

  • Examples of Accounting Journal Entries

    Recording financial transactions through journal entries is the first step of an accounting system. Journal entries use two or more accounts and generally have the following features: Journal entry is…

  • How to Do Journal Entries for a Small Business

    The accounting process of a small business starts with making journal entries, this is the first step of the many proceeding steps. Hence it is very important to act with…

  • Understanding Debits and Credits with Examples

    The terms debit and credit are derived from Latin terminology. Debit is derived from the Latin word ‘Debere’ which means to ‘to owe. Credit is derived from the Latin word…

  • What is the Double Entry Accounting System?

    If you have spent any time preparing or learning how to prepare financial statements you have likely heard the term double entry, but exactly what is the double entry accounting…

  • Statement of Owner’s Equity Explained

    Many different financial statements are produced for businesses to gauge the financial position of a business, showcasing the financial results e.g. Statement of Financial Position, Comprehensive Income Statement, Statement Cash…

  • Establishing a Petty Cash Fund for Your Business

    To fulfill its daily cash needs, a business should set-up a petty cash system. Generally this is done by allocating a certain fixed amount of cash to petty cash fund…

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