{"id":3228,"date":"2022-05-27T08:39:36","date_gmt":"2022-05-27T13:39:36","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=3228"},"modified":"2024-07-04T12:58:00","modified_gmt":"2024-07-04T17:58:00","slug":"small-business-accounting","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/accounting\/small-business-accounting","title":{"rendered":"A Brief Guide to Small Business Accounting"},"content":{"rendered":"\n<p>Establishing good accounting practices is one of the biggest struggles facing small businesses. Entrepreneurs wear many hats and often run a lean business, which can make it difficult to get a good handle on small business accounting. Thankfully, modern software and a little know-how can make accounting infinitely easier.&nbsp;<\/p>\n\n\n\n<p>Here&#8217;s a brief overview of how to do accounting for small business and a peek at some of the best accounting software for small business owners.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Accounting\"><\/span><strong>What is Accounting?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Accounting is the practice of measuring, processing and communicating financial data about a business. In simplest terms, accounting helps business owners keep track of cash flows\u2014both inbound and outgoing\u2014as well as the company\u2019s assets and investments. Accounting paints a picture of the business\u2019 financial health and capabilities.&nbsp;<\/p>\n\n\n\n<p>There are two primary modes of accounting: <a href=\"https:\/\/www.northone.com\/blog\/accounting\/accrual-accounting-vs-cash-basis-accounting\">cash vs. accrual<\/a>. Cash accounting looks at real-time balances; accrual accounting considers transactions made on credit. Say, for example, a client owes you $1,000. Under cash basis accounting, that $1,000 isn\u2019t counted until it\u2019s in your bank account. Accrual basis accounting counts the transaction at the point of origination, even if you haven\u2019t been paid yet. Most businesses use accrual basis accounting.&nbsp;<\/p>\n\n\n\n<p>Understanding small business accounting revolves around getting familiar with <a href=\"https:\/\/www.investopedia.com\/ask\/answers\/031815\/how-are-three-major-financial-statements-related-each-other.asp\" target=\"_blank\" rel=\"noreferrer noopener\">three primary financial statements<\/a>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <strong>balance sheet<\/strong> shows the company\u2019s assets and liabilities&nbsp;<\/li>\n\n\n\n<li>The <strong>income statement<\/strong> breaks down revenues vs. expenses&nbsp;<\/li>\n\n\n\n<li>The <strong>cash flow statement<\/strong> examines the company\u2019s liquidity<\/li>\n<\/ul>\n\n\n\n<p>Using these financial statements and the data contained within them, small business owners can better-understand the company\u2019s financial outlook. This includes planning for the future, optimizing business operations, applying for loans and much, much more.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_differences_between_accounting_and_bookkeeping\"><\/span><strong>Key differences between accounting and bookkeeping<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Accounting and bookkeeping are often confused. Bookkeeping is the administrative process of actually entering and organizing business transactions. Accounting involves higher-level interpretation of this data to improve decision-making and <a href=\"https:\/\/www.northone.com\/blog\/accounting\/bookkeeping\/profit-first\">increase business profitability<\/a>.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Steps_for_Setting_Up_a_Small_Business_Accounting_System\"><\/span><strong>Steps for Setting Up a Small Business Accounting System<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>While it\u2019s true that accounting is a complex discipline, there\u2019s an abundance of technology out there designed to make it much simpler for small business owners. You\u2019ve likely heard of programs like QuickBooks, FreshBooks, Xero, and Wave. These pieces of accounting software are smart enough to do most of the work for you, while being customizable enough to conform to your business\u2019 financial needs.&nbsp;<\/p>\n\n\n\n<p>Setting up a small business accounting system is simple. Here\u2019s a look at the general process, which can vary slightly depending on the software:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Assuming you have a business bank account or business credit cards already open, the first step is linking them to your accounting software. If you don\u2019t have a business bank account, <a href=\"https:\/\/auth.northone.com\/login?state=hKFo2SBUN2N4YVNvMVlQeHJJM1ByRldPUE8zZ2NIMGMwNVRkbaFupWxvZ2luo3RpZNkgMnFiWGZ4a0IxbjZ6czR1THh4WVZORWNrSW5mcHMtd22jY2lk2SBiY2NpWWF4SDAxZk8yVHdqSXdIdG1hYk9rZVZCWmJpMQ&amp;client=bcciYaxH01fO2TwjIwHtmabOkeVBZbi1&amp;protocol=oauth2&amp;redirect_uri=https%3A%2F%2Fjoin.northone.com&amp;audience=northoneCoreApi&amp;mode=signup&amp;scope=openid%20email%20profile%20address%20phone&amp;response_type=code&amp;response_mode=query&amp;nonce=aGh6TFpIeW9icERnZUlWZkgycmN6WXQ1TmFwSTJKc3BzN0duamhlREhQdg%3D%3D&amp;code_challenge=Xnv_Sgcc0eMBahFypVNH0ssBzayxDf_dIwQleKu8V3M&amp;code_challenge_method=S256&amp;auth0Client=eyJuYW1lIjoiYXV0aDAtc3BhLWpzIiwidmVyc2lvbiI6IjEuMTMuMSJ9\">get one in as little as three minutes<\/a> with North One.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Major accounting platforms like <a href=\"https:\/\/www.northone.com\/integrations\">Quickbooks and Wave<\/a> have integration capabilities that make syncing your financial accounts easy. Simply authenticate the connection and the software will communicate with your accounts to do the rest!<\/li>\n\n\n\n<li>After syncing your bank and credit accounts, you\u2019ll also want to connect any sales technologies you have. For instance, if you operate an ecommerce site that processes transactions, you\u2019ll want those to feed directly into your accounting program.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>After you\u2019ve finished building your <a href=\"https:\/\/medium.com\/@cschwally\/5-core-apps-to-build-your-startups-accounting-tech-stack-for-growth-5f9252ee81f9\">accounting tech stack<\/a>, take some time to explore and configure the platform. There are tons of settings, automations and preferences that will help make accounting effortless and insightful\u2014you just need to take a little time to set them up.<\/p>\n\n\n\n<p>Remember that if you\u2019re not super tech-savvy, there are plenty of CPA services out there dedicated to one-time setup of accounting software for small businesses. A small business accountant will be more than happy to get your accounting software up and running, usually for a very affordable on-time fee.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>No two small businesses are the same, which means you\u2019re bound to have questions when it comes to establishing your own accounting practices. Thankfully, good <a href=\"https:\/\/www.northone.com\/blog\/accounting\/small-business-bookkeeping-basics\">accounting and bookkeeping fundamentals<\/a> are the same across every business. It won\u2019t take you long to get the hang of them, and to adapt your practices around your business.&nbsp;<\/p>\n\n\n\n<p>Have questions in the mean time? We\u2019ve got answers to some of the most common ones:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Can_I_do_My_Own_Small_Business_Accounting\"><\/span><strong>Can I do My Own Small Business Accounting?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Absolutely! Many startups hire a small business accountant because they assume it\u2019ll be too difficult to do on their own. With a little time and energy upfront, you can largely automate much of your accounting thanks to modern software and integrations.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Much_Should_I_Pay_an_Accountant_for_my_Small_Business\"><\/span><strong>How Much Should I Pay an Accountant for my Small Business?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you are going to outsource to a small business accountant, do your research and ask about their fee structure. You might end up paying an hourly rate ($50-$100), a monthly retainer ($400-$1000) or a one-time fee that varies depending on your needs.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_do_Small_Businesses_Maintain_Basic_Accounting\"><\/span><strong>How do Small Businesses Maintain Basic Accounting?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Good small business accounting comes down to routine upkeep. That means reconciling accounts at regular intervals, running and reviewing financial reports often, and ensuring integrations and synergies stay functional and consistent.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Correct_Accounting_is_Critical_for_Small_Business_Success\"><\/span><strong>Correct Accounting is Critical for Small Business Success<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Small business accounting isn\u2019t as difficult as you might think. In fact, thanks to accounting software for small businesses and ease of integration with other digital resources, your books will largely keep themselves! Instead of worrying about everyday bookkeeping, you\u2019ll be free to look at the bigger picture: the financial health of your small business and the opportunities for growth in front of you.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Establishing good accounting practices is one of the biggest struggles facing small businesses. Entrepreneurs wear many hats and often run a lean business, which can make it difficult to get&#8230;<\/p>\n","protected":false},"author":4,"featured_media":3229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[155],"tags":[],"class_list":["post-3228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A Brief Guide to Small Business Accounting | NorthOne<\/title>\n<meta name=\"description\" content=\"Here is a tell-all guide to small business accounting. Accounting keeps a complete record of your revenue and expenses, find out more here\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.northone.com\/blog\/accounting\/small-business-accounting\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Brief Guide to Small Business Accounting | NorthOne\" \/>\n<meta property=\"og:description\" content=\"Here is a tell-all guide to small business accounting. 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