Bookkeeping Basics: What Every Business Owner Needs to Know
Bookkeeping is more than tracking income and expenses—it’s about understanding your business’s financial health. This post covers the essentials every business owner should know.
Key Points:
Understand the Basics:
Bookkeeping involves recording daily transactions, reconciling accounts, and maintaining records.
Choose a Method:
Cash basis: Record when money changes hands.
Accrual basis: Record income and expenses when they’re incurred.
Use the Right Tools:
Software like QuickBooks Online simplify the process.
Keep Accurate Records:
Save all receipts, invoices, and statements for at least seven years.
Work with Professionals:
A virtual bookkeeper can save time, reduce errors, and provide valuable insights.
Understanding bookkeeping basics helps you make better financial decisions and ensures your business remains compliant.
"Struggling with bookkeeping? Let BlueRock CFO handle the details so you can focus on growing your business."
