Tag - accounting basics

Accounting Month Conclusion and More Resources to Learn Small Business Accounting, Bookkeeping and Tax Savings

Since 9/15, this blog (which primarily focuses on marketing but has a lot of other info related to business) has had near-daily posts on small business accounting, bookkeeping and tax savings for Accounting Month. These posts are intended to help business owners, business managers, small businesses and start-ups improve their accounting procedures and maximize their tax reductions. Non-marketing business advice is sometimes included on this blog because we care about seeing your business succeed and we want to provide...

65 Accounting Terms and Definitions

The following 65 Accounting Terms and Definitions are meant to supplement the previous two posts on basic accounting principles: 40 Basic Accounting Principles and Costs of Goods Sold - Additional Principles. Current and future business owners will want to read those posts and understand them thoroughly in order to move on this month with future accounting posts that are related to bookkeeping and tax savings. This post is mostly for reference and it's a great one to bookmark for...

Costs of Goods Sold – Additional Accounting Principles that Businesses With Inventory must know

If you own (or plan to own) a service business that does not sell any products or goods, then the previous blog post is sufficient for your business: 40 Basic Accounting Principles that you must know to understand Small Business Accounting. However, if your business sells products or goods and you're one of many businesses with inventory, then you need to know some additional information on costs of goods sold (COGS).Since the article on the three business financials has...

40 Basic Accounting Principles that you need to know to understand Small Business Accounting

Business owners need to know general accounting principles before they can move on to more complicated accounting practices. The following are the 40 Basic Accounting Principles that you must know to understand small business accounting:The guidelines that accountants and businesses use to practice accounting are called Generally Accepted Accounting Principles (GAAP). GAAPs are adapted, changed and updated by the Financial Accounting Standards Board (FASB). The Securities and Exchange Commission (SEC) also has authority to change the rules, but...