Chapter 18

Online Business Accounting Tools

In This Chapter

arrow Discovering simple accounting methods

arrow Keeping track of income and expenses

arrow Choosing user-friendly accounting software or online services

arrow Keeping tax records and taking business deductions

In tough economic times, it’s more important than ever to keep track of expenses, record financial information, and perform other fiscal functions. It’s even more important to know some basic accounting procedures, especially those that relate to an online business.

Without having at least some minimal records of your day-to-day operations, you won’t have any way — other than the proverbial “gut feeling” — of knowing whether your business is truly successful. Besides that, banks and taxing authorities don’t put much stock in gut feelings. When you have to ask for a loan or pay taxes, you’ll regret not having records close at hand. Even if you sell on eBay, you can’t rely on the auction site to keep all your business records for you, and PayPal doesn’t record payments by check or money order. And accurate record keeping is essential when ...

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