Accounting for Small Business OwnersHave an Accounting Question? Just Ask!
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!
You can find the answers to all of these questions and more in the accounting series below...
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:
...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.
Not all small businesses are ready or need to use accounting software. Check out free accounting spreadsheets we made for small businesses.More here
We have compiled several sources of low-cost software to help small businesses with accounting, record keeping and more.More here
Read questions from other readers and even ask your own!More Here
I absolutely love the spreadsheets!! Thank you so much! They are exactly what I needed."
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!!!"
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!"
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.
Inventory Systems There are two inventory systems, the perpetual inventory system and the periodic inventory system. With the perpetual system, a (computer) system is in place which keeps track of…
Current Assets Versus Long-Term Assets The difference between current and long term assets is that current assets are converted/used within a single operating cycle (inventory, work in progress, accounts receivable,…
Tax planning time again! I know….I know….that’s the last thing you want to think about this time of year, but time is quickly running out on your window of opportunity to…
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…
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…
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…