Count Me In
Scared of numbers? With these accounting tips, you won't be.
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If you hated math in school and the idea of small-business
accounting makes you want to hide, don't despair. A few quick
tips can help you get a handle on accounting basics so you can
achieve your financial goals. First, keep track of what you spend and earn, says Deidre E.
Newton, small-business growth strategist and president of Community
Real Estate Services in West Palm Beach, Florida. Investing in an
easy-to-use accounting software program can help. Newton suggests
Peachtree Accounting for Windows, QuickBooks for Windows or Quicken
Basic as good ones to try. Second, structure your accounting and financial plan with the
end result in mind--be it growth, securing a loan or an eventual
sale of the business. Finally, drill the following phrases into
your head: financial statement (a written record of your financial
status), balance sheet (an accounting picture with the left side
stating assets and the right side listing liabilities), retained
earnings (net profits kept after liabilities are paid), and owners
equity (the portion of the business belonging to the owners--also
called stockholders equity). Content Continues Below
To find free or low-cost accounting seminars in your area,
contact local community colleges, SBA offices and Small Business
Development Centers . Also check out the following resources
for more information:
Originally published in the April 2005 issue of Entrepreneur Magazine
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