- "Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations."
Understanding basic finance and accounting principles, including bookkeeping, budgeting, and cash management.
Accounting Principles: Understanding the basic rules and concepts used in accounting to record and report financial transactions.
Financial Statements: Familiarizing with the three primary financial statements – balance sheet, income statement, and cash flow statement – and learning how to read and analyze them.
Budgeting: Creating and managing a budget to track income and expenses, and forecasting future financial performance.
Taxes: Knowing tax laws and their impact on your business, forming legal entities (LLC, corporation, etc.), and filing income tax returns.
Business Loans and Funding: Knowing the various types of funding options for small businesses, calculating potential costs, loan structures, and repayment terms.
Risk Management: Identifying and mitigating financial risks associated with starting and running a business.
Bookkeeping: Keeping accurate records and maintaining financial documents (invoices, receipts, bank statements, etc.).
Financial Analysis: Using ratios (liquidity, profitability, etc.), trend analysis, and other financial techniques to evaluate performance of a business.
Credit and collections: Managing credit lines, collections policies, and creating financial projections.
Finance tools: Including QuickBooks, Excel, and other financial software to manage finances, track income and expenses, and identify trends.
Pricing and Costing: Understanding cost structure, identifying overhead costs, assessing the impact of sales on profitability.
Financial Forecasting: Using historical trends to predict future cash flow, sales revenue, and expenses.
Cash Management: Understanding the importance of cash flow, managing cash balances, and meeting financial obligations.
Financial Institutions: Understanding how banks work, selecting the right banking services, and managing cash utilization.
Employee Payroll and Benefits: Understanding the impacts of payroll taxes, federal and state laws around benefits, and employer contributions.
Bookkeeping: The process of recording and organizing financial transactions of a business on a daily basis.
Tax preparation: The process of preparing and filing tax returns for individuals and businesses.
Payroll services: The process of managing and processing employee payments and deductions on behalf of a business.
Financial statement preparation: The process of creating financial reports such as balance sheets, income statements, and cash flow statements.
Financial analysis: Reviewing and interpreting financial statements to identify the performance, strengths, weaknesses, and opportunities of an organization.
Budgeting and forecasting: The process of creating budgets and predicting future financial outcomes for a business.
Accounts receivable/payable: Managing payments received from clients and payments owed to vendors or suppliers.
Investment management: Managing investments on behalf of an organization, usually in stocks, bonds, and other financial instruments.
Financial planning: Providing guidance and advice to individuals or businesses to help them achieve their financial goals.
Audit services: Independent review of financial statements and records to ensure accuracy and compliance with regulations.
Risk management: Identifying, assessing, and managing potential financial risks that could impact a business.
Cost accounting: The process of analyzing and tracking the costs of producing goods or services to help determine profitability.
Treasury management: Managing a company’s cash flow, liquidity, and financial assets.
Personal finance management: Providing personal financial advice and planning to individuals.
Estate planning: Helping individuals plan and manage their assets and financial affairs after death.
Forensic accounting: Investigating financial irregularities, fraud, or misconduct within a company.
Business valuation: Determining the value of a business or its assets for the purpose of a merger, acquisition, or sale.
International accounting: Managing financial transactions, reporting, and compliance for businesses operating in multiple countries.
Nonprofit accounting: Managing accounting and financial reporting for nonprofit organizations.
Government accounting: Managing public funds and financial reporting for government entities.
- "Transactions include purchases, sales, receipts and payments by an individual person or an organization/corporation."
- "There are several standard methods of bookkeeping, including the single-entry and double-entry bookkeeping systems."
- "The person in an organisation who is employed to perform bookkeeping functions is usually called the bookkeeper (or book-keeper)."
- "They usually write the daybooks (which contain records of sales, purchases, receipts, and payments), and document each financial transaction, whether cash or credit, into the correct daybook—that is, petty cash book, suppliers ledger, customer ledger, etc.—and the general ledger."
- "Thereafter, an accountant can create financial reports from the information recorded by the bookkeeper."
- "An accountant may prepare financial reports for the organization, such as the income statement and balance sheet."
- "The bookkeeper brings the books to the trial balance stage, from which an accountant may prepare financial reports."
- "Bookkeeping is part of the process of accounting in business and other organizations."
- "Bookkeeping involves preparing source documents for all transactions, operations, and other events of a business."
- "While these may be viewed as 'real' bookkeeping, any process for recording financial transactions is a bookkeeping process."
- "Each financial transaction, whether cash or credit, [is documented] into the correct daybook."
- "[Financial transactions] get documented...into the correct daybook—that is, petty cash book, suppliers ledger, customer ledger, etc."
- "Transactions include purchases, sales, receipts and payments by an individual person or an organization/corporation."
- "They usually write the daybooks...and document each financial transaction."
- "An accountant can create financial reports from the information recorded by the bookkeeper."
- "Bookkeeping is part of the process of accounting in business and other organizations."
- "Transactions include purchases, sales, receipts and payments...and the general ledger."
- "An accountant may prepare financial reports for the organization, such as the income statement and balance sheet."
- "The bookkeeper brings the books to the trial balance stage, from which an accountant may prepare financial reports."