Bookkeeping basics: A guide for small businesses
Most businesses cost tens if not hundreds of thousands of dollars to launch. One that rocks and shows you how to be a great bookkeeper in a “paint by numbers” format. In order to be a quality bookkeeper, you need to learn the tricks of the trade. There are a few tools that will come in handy as you begin this journey. Your costs will increase considerably if you intend to hire an employee right away, but otherwise, you can expect to be up and running for around $1,500 to $2,000.
- It’s also a good idea to consider the price of products without forgetting the marketing strategies you can use.
- Knowing the right forms and documents to claim each credit and deduction is daunting.
- The nice thing about it is that you can set all tasks to repeat at a template level.
- However, most people create a business plan and put it on a shelf, never to look at it again.
Join our Sage City community to speak with business people like you. It’s important to do your research before starting out so you’re clear about the path you want to follow and the goals you’d like to achieve. The AAT also has a range of bookkeeping qualifications with the highest certificate allowing you to become an AAT licensed bookkeeper. The highest certificate will allow you to use the letters AATQB (as you’re an AA bookkeeping member) after your name. The IAB (and a number of other organisations such as AAT) offers a number of bookkeeping courses designed to fit around your lifestyle.
Accounts receivable
Taking on the responsibility of assisting other business owners with their bookkeeping needs will become a part of your daily routine. If you’re looking for other options, feel free to visit my comprehensive cloud accounting software apps list blog post. Whichever apps you choose, ensure you’re basing your bookkeeping business off the back of cloud technology.
Posting debits and credits to the correct accounts makes reporting more accurate. Take a look at the following four steps to manage your bookkeeping. Generally speaking, bookkeepers help collect and organize data and may have certain certifications to do so for your business. On the other hand, accountants are generally equipped with an accounting degree and may even be state-certified CPAs.
Register for taxes
On the other hand, Xero lets you add more users to one account for less – an important consideration if you want to have a larger business with employees. QuickBooks Online offers the chance to get certified as a QuickBooks ProAdvisor through a series of comprehensive training courses. Once you’re qualified, QuickBooks will how to start a bookkeeping business place you on their ‘Find a ProAdvisor’ site for free, increasing your probability of finding clients. There are other perks, too, like a discounted Squarespace website builder and email marketing service. These days most businesses work with some form of accounting software, so being familiar with these programs is a must.
