Business Startup for Dummies

Startup For Dummie

Four startup tips for new entrepreneur.

As a business owner the word accounting strikes a fear in my heart. After all, I know poor bookkeeping can set a project back in the short term and if I did not attack it, it can come and bite me over the haul.

1- Start with your best foot forward.

In the same way you answer your emails, check messages on your iPhone , or take stock of your inventory, make your business accounting a habit. Set up a reminder notice on your calendar – “Review Records”. This should be done at least once a month. Best time is when you receive business bank statements and credit card statements. Verify each transaction and reconcile items. Make notes on the statement for expenditures and income that you need to remember.

2- Accounting lingo.

Chart of accounts,  general ledger, accrual and cash base accounting, the cumbersome terminology of accounting is sometimes the biggest hurdle. Take some time to understand the basics. Not knowing the basics can hurt you in the long run.

Here is some resource sites to check out.

3- Find the right software for your business.

Don’t simply go with what your  friend is using. If you are already at your desk, Sage Simply Accounting desktop might make sense. Or if your always on the go something mobile like Quick Books. If your running your business from your iPad, go with a cloud based software like Kashoo. Take your time in choosing your software. Consult your local bookkeeper or accountant to see if they offer training on any programs.

4- Good advise.

Chances are if you spend enough time trying to figure out your finances, you could, but the reality is you have a business to run, GST/HST are due every quarter and income tax is due annually.  There should be a certain degree of urgency involved. Get help from local resources, your Chamber of Commerce, your local community co-working groups as they usually have scheduled meetings and classes for new businesses. There is also a great value in seeking help of a bookkeeper or accountant who specializes in small business.

I hope startup for dummies has helped. You can always ask us a question by going into the left column under categories heading.