Chapter 1

Basic Bookkeeping

IN THIS CHAPTER

Bullet Introducing how to keep the books

Bullet Managing daily business finances

Bullet Keeping business records

Bullet Navigating the accounting cycle

Bullet Choosing between cash-basis and accrual accounting

Bullet Deciphering double-entry bookkeeping

This chapter provides an overview of a bookkeeper’s work. If you’re just starting a business, you may be your own bookkeeper for a while until you can afford to hire one, so think of this chapter as your to-do list.

All businesses need to keep track of their financial transactions; that’s why bookkeeping and bookkeepers are so important. Without accurate records, how can you tell whether your business is making a profit or taking a loss? This chapter also covers the key parts of bookkeeping by introducing you to the language of bookkeeping, familiarizing you with how bookkeepers manage the accounting cycle and showing you how to ...

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