This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/03/04/the-bare-minimum-you-need-to-know-about-accounting/
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by Vinnie Fisher, co-founder and chief visionary of Total CEO and author of “The Best Investment: A Better You“
As the end of the fiscal year approaches, many new business owners are finding themselves panicking to get their books in order. Though personal income taxes will usually not be due until the middle of April, organizing your finances at the end of each year is an absolute necessity.
If this is your first year (or one of your first years) running a business, the nuances of the accounting process may initially be quite overwhelming. Accounting can sometimes be very counterintuitive and it is especially important that you pay attention to the finer details.
Ideally, your business would outsource accounting needs to a firm that has a greater familiarity with what the financial reporting process involves, but this may not always possible. In order to make sure your books are as accurate and legally compliant as they feasibly can be, we will quickly review the most essential things for you to know about accounting.
Balancing Assets, Liabilities, and Owner’s Equity.
No matter what your overall accounting philosophy might be, the importance of balance cannot be overstated. In fact, when creating an (appropriately named) balance sheet, if the two columns on the sheet are ever unbalanced, this should be the first indicator that something has gone wrong.
A balance sheet is a “snap shot” of your company’s current financial situation.
Assets indicate what your company currently owns (equipment, accounts receivable, etc.)
Liabilities indicate what your company currently owes (accounts payable, interest, other debts, etc.)
Equity indicates what those with a stake in the company can claim as their own (even if your business “owns”… Read More
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