Reliable accounting and good record keeping:
- Are the backbone of a successful business.
- What you can measure you can manage.
- What you fail to measure you will fail to manage.
WE HELP YOU HAVE THE ACCOUNTING SYSTEM YOU NEED TO MANAGE EFFECTIVELY.
Most operators of a new and growing business have a flair for the
environment in which the business operates. They may be a great salesperson, an outstanding mechanic, carpenter, lawyer, or inventor. Unfortunately most people don't like to keep the books. As
an owner of a business you must remember that your company's books and financial statements represent a score sheet which tells how you are progressing, as well as an early warning system which
lets you know when and why the business may be going amiss. Financial statements and the underlying records will provide the
basis for many decisions made by outsiders such as banks, landlords, potential investors, and trade creditors as well as taxing authorities and other governing bodies. The necessity for good, well
organized financial records cannot be overemphasized. One of the greatest mistakes made by owners of small businesses is not keeping good financial records and making improper or poor business
decisions based on inadequate information.
Quality financial information does not necessarily translate into complicated bookkeeping or accounting
systems. Far too often owners of businesses become overwhelmed by their accounting system to the point where it is of no use to them. An accounting or bookkeeping system is like any tool used in your
business; it needs to be sophisticated enough to provide the information you need to run your business and simple enough for you to run it (or supervise the bookkeeper). Questions you should ask in
developing an accounting and financial reporting system are:
- Who will be the users of the financial information?
- What questions do I need answered to manage the business?
- What questions should be answered for government or regulatory taxing authorities?
As your business grows, you should work closely with your accountant to ensure that your accounting
system is providing you with appropriate information.
Chart of Accounts
The basic road map into any accounting system is the chart of accounts. It is this chart which helps establish the information which
will be captured by your accounting system, and what information will subsequently be readily retrievable by the system. This tool, like the rest of the accounting systems, needs to be dynamic and should
grow as the size and needs of your business changes.
The Upstart Small Business Legal Guide, Second Edition
The Institute of Management and Administration
A great management information site. Lots of links, free info, etc
Financial Accounting Standards Board - FASB Pronouncements
FASB - Proposed Statement - Hierachy of GAAP
A free standard chart of accounts. (PDF fromat)
To review a copy of my CV
How To Avoid Employee Embezzlement?
EXPORT911TM is a business and educational website focusing on international business. The site
provides information on export-import marketing, management, letters of credit, export cargo insurance, shipping, logistics, manufacturing, purchasing, bar codes, and many more (see Site Maps below).