Five Bookkeeping Basics You Need to Knowcustomonecfo
BookkeepingAs a small business owner in Des Moines IA? Do you handle your accounting internally? If so, there are five basic bookkeeping practices you need to nail. Keep reading for small business accounting tips from Des Moines CPA CustomOne CFO & Controllers. These are the small business bookkeeping basics that every small business owner and entrepreneur needs to know. If you have any questions or need assistance with your Des Moines accounting, contact us. CustomOne CFO & Controllers CPAs, accountants and financial experts are here to help you.
Five Bookkeeping Basics You Need To Know
- Learn & Understand Double Entry Bookkeeping
- Keep Receipts of All Purchases and Expenses
- Always Gives Your Customers an Invoice
- Sales: The amount, price, etc of products or services you’ve sold to customers.
- Accounts Receivable: When you are supposed to be paid for your services, along with confirmation when the account is balanced.
- Contact Information: Invoices keep you and your client in touch with important information like job IDs, phone numbers, and billing terms.
- Choose Cash or Accrual Accounting
- You’ll Start By Doing It Yourself — But When You Grow, You’ll Need a CFO