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Bookkeeping for the New Entrepreneur                                            by Keith A. Pitts

Approximately one month ago we explored how you don't have to reinvent the wheel in order to make money in business. 

Today we will take a look at the simplistic way of maintaining a monthly bookkeeping record.

Many entrepreneurs struggle with keeping records of their business income and expenditures.  Although every business owner doesn't learn bookkeeping the same way, I would like to introduce you to the method I learned early in becoming a successful entrepreneur.

Bookkeeping, which is also used for tax records, can be hard to do.  Even business students often struggle with this form of business practice.

Nevertheless, there are products that make the process extremely easy.

Whenever I need to teach this type of accountability in business, I refer entrepreneurs to Dome products, especially bookkeeping made easy.

With Dome products you can maintain a monthly handwritten ledger, a computerized ledger or both.  For those who would like to impress their tax professional I would suggest both forms of bookkeeping.  It will also come in handy if your computerized ledger somehow gets deleted.

Dome products - bookkeeping made easy is just that, easy.  All the work is done for you.  All you have to do Is fill in the slots associated with each expenditure and correlate the expense to a predetermined number, and that number makes up a category so your tax professional will have an easier time figuring out your taxes, rather than having a box full of receipts that would have to be systematically placed in order.

Of course, you will also keep receipts but I recommend stapling each monthly receipt, categorized by date and highlighted for easy recognition.  Those same receipts can be placed in small manilla envelopes categorized by month.

Bookkeeping made easy also simplifies the process so you will easily recognize gross income minus expenditures which is estimated on its own perpendicular page.

With this system in place, your newly found business can be off to a magnificent start, and your tax professional will be highly impressed with your business practices and bookkeeping acumen.

Keith A. Pitts, MSE is the Presidnt and CEO of Light of Life Inc and has dedicated a lifetime to teaching entrepreneurs how to make money.  The bookkeeping method expressed in this article is for those who may need help in keeping viable records for their business, but are adivised to contact their tax professionals for the best bookkeeping practice for their business.

Money & Finance article for week beginning 3/17/2019

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