By Liz Kudwa
A: Keeping track of your finances is very important and it’s even more important to start off on the right foot so you can establish a good system that will work for you. We have several books available at the library that can help.
o Keeping The Books: Basic Recordkeeping And Accounting For The Successful Small Business By Linda Pinson
o I Have Quickbooks, Now What?: For The Self-Employed! By Julie A. Mucha-Aydlott
o Bookkeeping For Dummies By Lita Epstein
o Basic Bookkeeping For Beginners & Small Businesses: Step By Step, Easy To Understand Description Of How To Do Your Own Bookkeeping By Angelo Ventresca, Jr.
o Bookkeepers’ Boot Camp: Get A Grip On Accounting Basics By Angie Mohr
o Financial Management 101: Get A Grip On Your Business Numbers By Angie Mohr
o Small Business Accounting Simplified By Daniel Sitarz
o Small Business Operator: How To Start Your Own Business, Keep Your Books, Pay Your Taxes And Stay Out Of Trouble! By Bernard B. Kamoroff
o Step-By-Step Bookkeeping By Robert C. Ragan
The Start It Up! Entrepreneur Club met at the Okemos Library on Monday, September 22 and their guest speaker an accountant who talked about the basics of bookkeeping and offered some great tips!
o Keep business finances separate from personal finances. Treat your business finances as a totally separate entity.
o Open a business checking account and run everything for you business through this account. None of your personal finances should go through this account. All you need to open a business checking account is a business name and a federal I.D. number.
o Keep credit cards to a minimum – just one for business if possible. And keep your business and personal credit cards separate right from the beginning.
o Know your bank balance. Even if you have an accountant managing your books for you, it is still very important to know where you stand financially.
o Keep track of how much you have invested in your company. Know how much money you have put into the business to get it started.
o And above all – keep it simple!
Keeping your own books can seem like a daunting task for many small business owners. It’s important to remember that just because you are the business owner, that doesn’t mean you have to be good at doing everything to run your business. If numbers aren’t your thing, teaching yourself about bookkeeping, or even how to use Quickbooks, might not be the best way for you to spend your time as a business owner. Selecting a qualified accountant to help you with this task may be a better option for you. The key is knowing what your strengths and weaknesses are.
Elizabeth Kudwa is the Business Reference Librarian at the Capital Area District Library located at 401 S. Capitol Avenue in Lansing, MI. Contact her at 517-367-6301 or by e-mail at kudwae@cadl.org.
