Basics of Small Business Accounting

10 Steps to Get Your Company on Track If you've just launched or are about to launch your online store, congratulations! It takes uncommon passion and perseverance to get to where you are today.
By: iigrowrich
 
NEW YORK - July 8, 2020 - PRLog -- 10 Steps to Get Your Company on Track

If you've just launched or are about to launch your online store, congratulations! It takes uncommon passion and perseverance to get to where you are today.

However, as you know, business ownership is a constant flood of satisfying milestones coupled with expanding to-do lists. With your launch, you'll need to get on top of the accounting tasks that come along with owning a store.

This list of small business accounting steps will give you the confidence to know you've covered your bases, and are ready to move on to the next item on your business to-do list.

Bookkeeping 101

Bookkeeping is something that you either have to learn or outsource when you're running a business. Luckily, it's possible to learn how to manage your own books and there are a few notable benefits to tackling it yourself.

Learn how to manage your books

1. Open a bank account

After you've legally registered your business, you'll need somewhere to stash your business income. Having a separate bank account keeps records distinct and will make life easier come tax time. Note that LLCs, partnerships, and corporations are legally required to have a separate bank account for business. Sole proprietors don't legally need a separate account, but it's definitely recommended.

Start by opening up a business checking account, and then any savings accounts that will help you organize funds and plan for taxes. For instance, set up a savings account and squirrel away a percentage of each payment as your self-employed tax withholding. Next you'll want to consider a business credit card to start building business credit. Corporations and LLCs are required to use a separate credit card to avoid commingling personal and business assets.

Before you talk to a bank about opening an account, do your homework. Shop around for business accounts and compare fee structures. Most business checking accounts have fees that are higher than personal banking, so pay close attention to what you'll owe.

In order to open a business bank account, you're required to have a business name, and usually be registered with your state or province. Check with the individual bank for what documents to bring to the appointment.


read more at....  https://iigrowrich.com/accounting/

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