Bookkeeping Basics

There are 4 bookkeeping basics everyone needs to know. It doesn’t matter if you just started your business, or don’t consider yourself a “numbers person” and plan to outsource everything financial. Knowing these “big 4” are the keys to understanding the health of your business – and understanding the language of your accountant when they give you information!

The 4 Bookkeeping Basics are:

Accounts Receivable

This covers all of your sales receipts, invoices, payments, and other activity involving customers and money you're bringing in.

Accounts Payable

Bills Bills Bills! Everyone's got something to pay. Rent, utilities, and vendors all need to be organized and paid on time.

Payroll

Taking care of your staff is high priority. You need a system to ensure your team is paid on time with the appropriate taxes and deductions managed.

Taxes

There are payroll taxes that are due semi-weekly, monthly and/or quarterly depending on the size of your team. Plus, sales tax on a monthly basis.