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How to Accounting Post 3: What you have and What you need to have
What you have and What you need to have In the previous post we talked about the 6 most important things you will need to know to start keeping score in business, in this post we deal with the first 2....
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Your Navigation Guide
All Lessons In This Series: Lesson 1: What is Accounting Lesson 2: The Six Things You Need to Know Lesson 3: What You Have and What You Need To Have Lesson 4: What You Have Earned, Spent and What You...
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How to Accounting Post 4: Talking about earned, spent and net
Next What you have earned: Income What you have spent: expense What you take home: net profit George met his goal in his first year – he had 38 customers subscribe to his annual plan for $132 and he...
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How To Accounting Post 5: What you keep over time
What you keep in the business over time: Retained earnings George could decide to pay himself a dividend of $1,617 or he could leave it in the business as retained earnings or “OVER” from our acronym...
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Choosing a Business Structure
Now that you know the basics to getting started how do we put it all together. To put it together first you will need to know how to organize your data to see this information but first you need to...
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Depreciation
Looking at George’s profit and loss statement for his first year, he made $1,617 but this did not include how much he paid for the lawn mower. The lawn mower showed up on George’s balance sheet as an...
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Handling debt
Handling debt Remember the purpose of going into business is to build assets over time. George borrowed $5,000 to buy his lawnmower. On one hand he gained an asset worth $5,000 on the other hand he...
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How To Succeed Where Others fail: Developing Metrics as Warning Signs
How To Succeed Where Others fail One of the surefire ways to fail in business is to ignore the numbers. Having metrics which you monitor on a regular basis can point you to where your business is...
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How to determine your cost structure
Cost Structure Choosing your cost structure One of the most important decisions you will have to decide as a business is what cost structure you should adopt. A cost structure is the distribution of...
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How To Handle Your Accounts Receivable
Accounts receivable is income you have earned but not received. For instance, if George mows a customer’s lawn but the customer does not pay right away, George will have an accounts receivable....
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How to Accounting Post 9: Prepaid Expenses
A cost can be either be an asset or an expense. What makes the difference between recognizing expenditure as an asset (prepaid expense) or an expense is when the consumption of the resource takes...
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How to Accounting Post 10: Long Term Assets
Like I have said earlier, the main purpose of starting a business is to build assets over time. Assets can be classified as long-term or short-term. Long term assets are assets that will not be...
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How to Accounting Post 11: Accrual versus Cash Basis
Accrual accounting recognizes revenue and expenses in the period in which they occur, regardless of when cash is collected. Under cash basis revenue and expenses are recognized only when cash is...
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How to Accounting Post 12: How to go broke while making a profit.
If you want to know how to go broke while making a profit then mismanage your cash or you could do as this article suggests. Any business that expects to survive over the long haul should do a cash...
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How to Accounting Post 13: The Budget
We previously discussed doing cash flow projections now let’s shift our focus to a budget. First of all, what is the difference between a budget and a cash flow projection? A budget is one of the tools...
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How to Accounting: Employer Requirements
Requirements for employers: Federal Income Tax Withholding (Form W-4) Every employee must provide an employer with a signed withholding exemption certificate (Form W-4) on or before the date of...
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How to Accounting Post: Picking what accounting system to use – An Overview
In picking what accounting system to use consider the following: 1) Inputs: What kind of information do you need to organize and how are source documents generated. What kind of details do you...
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Developing a budget for the non- wage earner
Developing a budget for the non- wage earner You have often heard it said that one should have a budget . A budget is a plan that guides our spending habit. However, for the freelance and small biz...
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If it quacks like a duck, waddles like a duck, swims like a duck – it is a duck.
It is what it is, then what … If it quacks like a duck, waddles like a duck, swims like a duck – it is a duck. As simple as this statement sounds how many times do we overlook what is for what we...
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