Accounting for Small Business Owners by Tycho Press

By Tycho Press

All the monetary accounting a small company will ever need

Owning and working a small company could be advanced. On best of constructing, advertising and promoting your services or products, you have to be ready to address the money that is coming in, pay your staff, tune charges, think of your inventory concepts, and masses more.

Accounting for Small company Owners covers the complete technique of setting up good accounting in your company and customary monetary eventualities, and may convey you ways to:

  • Set up and run your business
  • Manage and promote your product or service
  • Perform a month-end balancing of accounts 

Packed with definitions of easy accounting phrases, pattern accounting statements, and a wealth of assistance and tips to simplify the accounting technique, Accounting for Small enterprise Owners has every little thing you must get the activity done!

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Extra info for Accounting for Small Business Owners

Example text

The statement of cash flows is still worth looking at and understanding, even for small business owners who use the cash method. The statement covers a period of time, just as the income statement does. It transitions the company’s finances from an accrual method to the cash method, which gives the business owner an accurate picture of cash going into and out of the company during this time period. It starts with your profit or loss, and brings it back to a cash basis by adding or subtracting business activity that uses cash but hasn’t been reflected on the income statement.

This statement shows the beginning balance in the retained earnings account, then adds in profit, deducts any dividends paid, and then shows the ending balance in retained earnings. It looks like this (see Table 16). A corporation’s retained earnings information is key to its dividends disbursements, year-end closeout process, and company valuation, among other accounting activities. We’ll discuss these in greater detail in Chapter 5. JUDY’S MEGALOPOLIS INC. STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDING 12-31-2020 RETAINED EARNINGS AT DEC 1, 2020 $150,000 NET INCOME FOR THE YEAR 2020 40,000 DIVIDENDS PAID TO SHAREHOLDERS -25,000 RETAINED EARNINGS AT DEC 31, 2020 $165,000 Table 16.

After sales of $9,200, and cost of sales of $7,300, the business owner has covered his direct costs and has $1,900 left over to cover the other expenses of doing business (overhead). When we compare July to August, we notice that the rent is the same, utilities and phone went up a little, advertising doubled, and payroll taxes are up. Above, we thought the owner might have added an employee. This would explain the increase in payroll taxes. You can gather a lot of information like this by comparing month to month.

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