How to Open & Operate a Financially Successful Florist and Floral Business Both Online and Off - REVISED 2ND EDITION by Stephanie Beener & Constance H. Marse

Author:Stephanie Beener & Constance H. Marse
Language: eng
Format: epub
Tags: florsist, floral shop, business, operate, sales, marketing, employees, guidelines, accounting
Publisher: Atlantic Publishing
Published: 2012-10-18T00:00:00+00:00

Accounting Methods

There are many ways to keep track of your accounts in today’s world. You can go old-fashioned with statements and checkbooks or use newer technology, like QuickBooks software. You also can hire an accountant or keep track through monthly profit and loss statements.

The Traditional Way

Tracking your finances the old-fashioned way, through a ledger notebook, is still an easy and smart way to be hands-on with your business’ accounting. Keep it simple. Use one side for income and the other for expenses. You can pick up a ledger at any office supply store.

Choose a time, whether it is the end of each month, quarter, or year, and have a qualified accountant check over your ledger. They should review and balance it, let you know exactly what you have in your accounts, and give you some tips on how to keep better records of your finances.

Software

Today, software is often incredibly user friendly and makes accounting much easier. You still will need to make sure time is set aside to update your programs and enter information on a set, periodic basis. Try to schedule a regular time, such as one hour each Friday morning, to do your bookkeeping.

There are several good programs available. Two of the most common are QuickBooks ( www.quickbooks.com ) and Microsoft ® Office ( office.microsoft.com ). Ask around to see what other business owners prefer and research to see what will work best for you. Make sure that when you do find the right product, you take the time to set it up properly and log in all the required information. This will save the headache of doing it later while you are trying to do your weekly or monthly bookkeeping.

It is also wise to log on to the program’s website frequently to see if there are any updates. Signing up for email or newsletters will let this information come to you, rather than you having to seek it out. Tax products constantly are upgraded because of ever-changing tax codes; so make sure you have updated information on your tax program.

Accountant

While your business is extremely small, doing your own bookkeeping is acceptable. Hiring an accountant, however, easily can make or break your business. Small business or retail accountants are often affordable and will help you save more than they charge. Your accountant will be the little push you might need to keep your information together and up to date. He or she also will help keep your records accurate and should be able to provide you with more knowledge on faster, easier accounting methods; this will make tax time a breeze. Building and growing your business can be easy if you have an accountant behind you. Gaining additional capital also will be much simpler. Knowing just how much you have in the bank will allow you to take advantage of special opportunities — such as sales, upgrading your workshop, or stocking more supplies. Most businesses that do not have an accountant do not have records as accurate as

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