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Small Business Accounting
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How it Works
3 simple steps to get connected:
1. Download Connect
- Connecting you to the right Small Business Accounting Specialist.
2. Choose your service
- Compare services from other Small Business Accountants.
3. Get Connected!
- Compare quotes from other Small Business Specialists.
5 Steps In The Small Business Accounting Journey:
- - Open a business bank account.
- - Choose an accounting method.
- - Record all transactions.
- - Compile a chart of accounts.
- - Determine your payment terms.
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Are you struggling with your small business accounting? Well, look no further, SweepSouth Connect is here to assist.
Small business accounting services offer financial assistance through the tracking, recording and analysing of the financial transactions of a small business that is in its beginning stages. It makes sure that your financial statements are easy to read and you are able to clearly see the profits of your business. Accounting may seem like a tiring and tedious task when it comes to your new business but it is a very important aspect and it’s crucial that is it done right!
Here is a little breakdown of what the journey looks like for small business accounting:
- - Open a separate bank account – Opening a dedicated bank account that is separate from your personal finances will help you organise your income and allow you to plan for taxes at the end of the year.
- - Record all income and expenses – Knowing how to track and record business transactions, is the foundation of a strong small business bookkeeping system.
- - Select the accounting method – There are two main methods of recording accounting transactions. Cash basis and accrual basis. Cash basis method simply put means that you record every cash payment transaction. With the Accrual basis method, you record expenses and income when they take place regardless of when the cash is being exchanged.
- - Reconcile and closure books – This is the last step to doing small business accounting. This is used to reset the balances of temporary accounts back to zero and restart the accounting cycle.
Of course, there is more to the above, however this is just a taste of the process.
If you are new to accounting and find the entire process above too complicated, we completely understand. This is why SweepSouth Connect is here to assist you. We’re offering small business accounting services to assist you today. Our service providers have been fully vetted by us and come with years of experience and expertise. They are excited and ready to help you streamline your business’ financial operations and take the financial load off from you.
So download the App and start today!