KSN Professional Accountants 

Small Business Accounting

 

What is difference between bookkeeping and accounting?

While bookkeeping is all about recording financial transactions, accounting deals with the interpretation, analysis, classification, reporting and summarization of the business's financial data.

What accounting is needed for a small business?

Small business accounting usually involves three key reports: the balance sheet, the income statement, and the cash flow statement. Companies perform accounting tasks manually with accounting software, or through professional accounting services. Bookkeeping is something that you either have to learn or outsource when running a business. Thankfully, it is possible to learn how to manage your own books.

Is an accountant worth hiring for a small business?

You should hire an accountant for your small business when you need help with the collection, analysis and reporting of financial information. Accountants can interpret your financial data in order to help you make better business decisions when it comes to your company's finances.

Steps to Track Small Business Expenses

1. Open a bank account for your business
2. Use a dedicated business credit card
3. Choose cash or accrual accounting
4. Choose accounting software to automate record keeping and track expenses in one spot
5. Digitize receipts with a receipt scanner

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