List Books » Keeping the Books: Basic Recordkeeping and Accounting for the Successful Small Business
Authors: Linda Pinson
ISBN-13: 9781419584381, ISBN-10: 1419584383
Format: Paperback
Publisher: Kaplan Publishing
Date Published: January 2007
Edition: Revised
Linda Pinson is a nationally recognized speaker, award-winning author, educator, consultant and expert in the areas of small business planning and financial management. Author of numerous bestselling titles for entrepreneurs, she has also developed the popular ""Automate Your Business Plan"" software to accompany the bestselling Anatomy of a Business Plan. A member of the U.S. Small Business Advisory Council for the past five years, she is an active speaker at the Association of Small Business Development Centers annual conferences and has served as delegate to the White House Conference on Small Business.
This introductory guide offers advice on choosing an accounting method, developing a chart of accounts, organizing record-keeping, and interpreting the records later. A glossary of accounting terms, a list of business resources, and sample forms are also included. Pinson is a trainer and consultant. Annotation ©2004 Book News, Inc., Portland, OR
Pinson is a speaker, author, educator, consultant, and expert in business planning and financial management. Written in a personable style, her book provides a concise overview of bookkeeping and record management for small businesses. Topics include recordkeeping basics, income and expenses, cash accounting versus accrual accounting, financial statements and their analysis, common tax forms/publications for use in recordkeeping, tax reporting schedules, and the preparation of records for tax filing purposes. Concepts are illustrated with sample forms, and worksheets are provided in an appendix, along with a list of small business resources and glossary of accounting terms. Annotation c. Book News, Inc., Portland, OR (booknews.com)
Acknowledgments | x | |
Chapter 1 | Recodkeeping Basics | 1 |
Functions of Recordkeeping | 1 | |
When Does Recordkeeping Begin? | 3 | |
Chapter 2 | Income and Expenses | 5 |
Income (or Revenue) | 5 | |
Expenses | 5 | |
What Are "Deductible" Expenses? | 6 | |
Common Deductible Expenses | 7 | |
Chapter 3 | Cash Accounting versus Accrual Accounting | 9 |
"Cash" and "Accrual" Accounting Defined | 9 | |
Which Method Will You Be Required to Use? | 10 | |
Pros and Cons of the Two Methods | 11 | |
Can You Change Methods from Year to Year? | 12 | |
Chapter 4 | Essential General Records for Small Business | 13 |
Single and Double Entry Systems | 14 | |
Numbering of Accounts | 16 | |
General Journal | 18 | |
General Ledger | 20 | |
Single Entry Accounting | 25 | |
Revenue & Expense Journal | 26 | |
Petty Cash Record | 30 | |
Inventory Record | 32 | |
Fixed Assets Log | 38 | |
Accounts Receivable | 40 | |
Accounts Payable | 42 | |
Payroll Records | 44 | |
Independent Contractors | 47 | |
Transportation, Entertainment, and Travel Expenses | 50 | |
Customer Information Records | 56 | |
Business Checkbook | 58 | |
Receipt Files | 60 | |
Chapter 5 | Financial Statements | 61 |
What Are Financial Statements? | 61 | |
Balance Sheet | 63 | |
Profit & Loss Statement or Income Statement | 66 | |
Business Financial History | 70 | |
Personal Financial Statement | 74 | |
Pro Forma Cash Flow Statement or Budget | 76 | |
Preparing Your Cash Flow Statement | 77 | |
Completing Your Pro Forma Cash Flow Statement | 84 | |
Quarterly Budget Analysis | 86 | |
Three-Year Income Projection | 88 | |
Breakeven Analysis | 90 | |
Chapter 6 | Financial Statement Analysis | 93 |
Financial Statements | 93 | |
Liquidity Analysis | 96 | |
Profitability Analysis | 98 | |
Debt Measures | 100 | |
Investment Measures | 101 | |
Vertical Financial Statement Analysis | 102 | |
Horizontal Financial Statement Analysis | 104 | |
Summary | 105 | |
Chapter 7 | Taxes and Recordkeeping | 107 |
Basic Understanding of the U.S. Tax System | 107 | |
Federal Taxes for Which You May Be Liable | 109 | |
Calendars of Federal Taxes | 109 | |
Income Tax (for Sole Proprietors) | 114 | |
Home Office Deduction | 117 | |
Income Tax (Partnerships) | 119 | |
Income Tax (S Corporations) | 122 | |
Income Tax (Corporations) | 124 | |
Estimated Tax (for Sole Proprietor, Individual Who Is a Partner, or an S Corporation Shareholder) | 127 | |
Estimated Tax (Corporations) | 130 | |
Self-Employment Tax (for Sole Proprietor, Individual Who Is a Partner, or an S Corporation Shareholder) | 132 | |
Social Security (FICA) Tax and Withholding of Income Tax | 135 | |
Federal Unemployment (FUTA) Tax | 142 | |
Payment to Nonemployees for Services Rendered | 145 | |
Taxpayer Identification Number (EIN) | 148 | |
Free Tax Publications Available from the IRS | 149 | |
Summary | 152 | |
Chapter 8 | Recordkeeping and Tax Reporting Schedules | 153 |
Organizing Your Recordkeeping | 153 | |
Building Your System | 154 | |
Recordkeeping Schedule | 156 | |
Tax Reporting Schedule | 158 | |
Chapter 9 | Preparing for Uncle Sam | 161 |
What to Give Your Accountant | 162 | |
The Last Chore | 163 | |
Appendix I | Independent Contractors: Facts versus Myths | 165 |
Appendix II | Worksheets | 173 |
Small Business Resources | 197 | |
Glossary | 199 | |
Index | 207 |