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The basics of accounting & bookkeeping

Why keep track of your accounting and tax info

One essential step in setting up and running a business is doing the bookkeeping. Knowing how much sales revenue you have and where you're money is being spent is essential to your success.

For example, if you spend $100 on a specific marketing technique in a given month, you will want to be able to track if that technique was effective for you in increasing sales.

This article will give you an introduction to the types on information that you will need to know about regarding doing your accounting for your business.

The different elements of financial statements

Income Statement. The income statement reports revenues generated by the sales of goods and services from a company's continuing operations. The costs and expenses incurred to generate these revenues follow. The costs of manufacturing or purchasing the goods sold are normally listed first since they are directly related to the period's revenues. Indirect costs of selling and administrative activities, and expense categories are reported next. Then, at the bottom, the net income, or bottom line, is shown.

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Balance Sheet. The balance sheet reports the categories and amounts of assets (company resources), liabilities (claims on those resources), and stockholders' equity at specific points in time.

Cash Flows Statement. The cash flows statement supplements the information provided by the income statement as both link consecutive balance sheets. It is intended to report all the cash inflows and outflows (classified among operating, investing, and financing activities) of the company for a specified period. It also provides disclosures about that period's noncash investing and financing activities.

How to do your bookkeeping

In order to properly keep track of your accounting records, you will certainly want some type of method of doing your bookkeeping. Whether it is through keeping a notebook full of expenses and revenues by hand, or purchasing a program like QuickBooks to assist you, it doesn't matter, just as long as you have some type of accounting procedure.

MyFinancialSoftware.com's Business Financials are great software programs to get you started with your bookkeeping. We have Microsoft Excel spreadsheets that are completely customized to Traditional or Internet businesses. They sell for just $9.95 and can be purchases online with any major credit card. And the great thing is that the software can be instantly downloaded upon purchase, so you can start your bookkeeping right away.

This software package is an easy to use Excel spreadsheet that allows you to input your number of visitors to your site, sales revenue, number of purchases, and expenses. Then it automatically calculates your net income, purchase percentages, income per unique visitor, and much more. These are figures and calculations that are essential for you to know about, and the software calculates all of them for you automatically, and it's only $9.95.