Starting,Business,amp,#40,#41, DIY Starting a Business - (3 - 3)
Normal 0 false false false MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-parent:"";mso-padding-alt:0in When starting a new work at home business it is very easy to become consumed by it. We spend so much time trying to get the business up and running that we may end up becoming burned out and lose our motivation. There is so much to learn and
In the initial two parts of this article I talked about someof the steps necessary in starting a business; Licenses andPermits and the Form of Business Entity.I would like to conclude this article with a mention of theAccounting and Taxation needs of your business.Accounting / BookkeepingThe business entity concept provides that the accounting fora business or organization be kept separate from thepersonal affairs of its owner, or from any other business ororganization.This means that the owner of a business shouldnot place any personal assets on the business balance sheet.The balance sheet of the business must reflect the financialposition of the business alone. Accordingly, two of thefirst things you should do is;- Open a separate bank (checking or savings)account for the business.- Setup an accounting program for your business.Whether you do it yourself, buy accounting software,or hire an outside source to take care of theaccounting and taxation for you.Accounting and Tax SoftwareMany small businesses, especially home-based businesses, dotheir own accounting and bookkeeping.Small businesses are also now exploring the idea of using atax software program to prepare their returns.Software packages offer convenience, good prices (in mostcases) and organization, but can they really replace thepersonal touch of an accountant or CPA?The use of tax software is a personal decision for eachbusiness to make.=>Accounting Software For Small Business - Every smallbusiness needs to know where the money went and is going.Your accounting system may be as simple as using aspreadsheet (Excel, Lotus, etc.), or you may need topurchase accounting software.There are many accounting programs on the market these days,from the very inexpensive and simple to very expensive andcomplex.These top selling accounting software programs simplify yoursmall business accounting tasks, and provide all the reportsand tools you need to effectively use your financial data.- Peachtree: Peachtree has many products and softwaresolutions, the also offer a trial download, which allows youto test drive the product.As a CPA I have used Peachtree and can attest to it quality.http://working-at-home-ideas-and-information.com/PeachTree- QuickBooks: QuickBooks is another popular full featuredaccounting and payroll program designed for small businesses- or, I should say, a small business accounting softwareseries.QuickBooks is available many versions.I have used QuickBooks for years, both personally andprofessionally.http://working-at-home-ideas-and-information.com/QuickBooksThere may be accounting software unique to your industry,which would be more appropriate for your business.=>Tax Preparation: many accounting software series andpackages also come with a solutions to your taxes.What ever you do in regards to taxes, the important thing isto keep records.According to the IRS you are supposed to have records forany deductions.More important... keeping accurate records will make theaccounting and tax preparation process much easier and willsave you lots of time and money.If you decide to have your taxes prepared for you, keepingorganized records will save you money.The less organized you are, the more questions the taxpreparer will have for you.Also the the more time spent preparing your return,generally, means that the cost goes up.Here's wishing the Best of Business to you!That concludes this article, STARTING A BUSINESS. If youmissed any of the preceeding sections, or would like toreread them.Go tohttp://working-at-home-ideas-and-information.com/StartABizThis article on STARTING A BUSINESS? is not "professionally"advising you on business matters, or business agreements. Ifyou have any concerns in regards to your business, I wouldadvise consulting an attorney.© Working at Home Ideas and Informationhttp://www.working-at-home-ideas-and-information.com/269 Portico AisleIrvine, CA 92606
Starting,Business,amp,#40,#41,