Accounting Tips

Accounting, Small business accounting, small business, QuickBooks, Xero, Small business ideas, Employment, Freelancing, Outsourcing

This is Part Two in our discussion of How to Start a Small Business.  In our first installment, we covered business plans, corporate structure, business licenses and permits, Tax ID numbers, and business location.  In this installment we’ll get into the nitty gritty of operating a business. 

If you run a small business, it’s not uncommon to find yourself not knowing where to begin with accounting basics.  You’re in charge of making sure your books are in order, but if you’re like most small business owners, your bookkeeping practices are almost non-existent.  The only place you keep track of your company’s spending

local small business, small business, small business ideas, business plan, sole proprietor, LLC, LLP, partnership

There has never been a greater time in history to start and own a small business. Advancements in technology have made it easier and easier for entrepreneurs to get started with very little startup cost. 

So, you have an idea and want to start your own business. First things first, you need to design a business plan. I know that sounds like a huge task, and in some respects, it is. But, you have to know what you want to achieve with your business and it’s best to sort that out at the beginning. We’ve all heard the adages, ‘If you fail to plan, you plan to fail.’ or ‘If you aim at nothing, you’ll hit it every time.’ Those are all true! There are 3 D’s in owning a business…

money, change, budget, saving, responsibility,

While some parents believe that financial lessons should be taught to their children when they are older, it is never too early to begin instilling sound money habits in your little ones. Children can learn much more easily than most parents realize and you can start teaching them as early as kindergarten.

You see, children are hard wired to know more about money than parents expect, since they are constantly deluged with advertisements that lead to them wanting new items (and letting Mom and Dad know about it). As parents, we have far more influence over the development of their spending habits than we realize.

I love to support local businesses and do so whenever I can. But, I also do a lot of my shopping online for several reasons, not the least of which is the whole shop in your jammies thing. We have family who live in other states, so shopping online makes it easy to remember birthdays, graduation, back to school, and most certainly Christmas. However, online shopping is not without its risks. There are both IT risks, and financial security risks. I’ll not address the IT risks, but here’s a link to a great article on the subject at A PC Geek, he’s my brother.

However, I do want to relay some tips for keeping your finances safe when shopping online.

This is a subject that is near, and dear, to my heart.  When I got my first checking account….well, let’s just say it was before the invention of the internet and online banking.  So, I have the advantage over many younger Americans in that I was taught how to balance my checkbook.  No, I’m not talking about balancing it on the tip of your nose or the tip of your finger.  I’m talking about checking off all the transactions that have crossed through your check register and matching the balance in the check register to the balance on the bank statement.  Personally, I think this is something that should be taught in high school math class, but the principles could be taught as early as elementary school.