How to Open & Operate a Financially Successful Notary Business by Kristie Lorette & Mick Spillane

Author:Kristie Lorette & Mick Spillane
Language: eng
Format: epub
Tags: notary, business, plan, state guidelines, regulations, contracts, checklists, stamp
Publisher: Atlantic Publishing
Published: 2012-03-08T00:00:00+00:00

Accounting 101

Accounting is one of the most important aspects of running a business. When you are planning your business and getting caught up with all of the wonderful dreams you have of being a business owner, accounting is probably not one of those dreams. Yet, without a rudimentary understanding of accounting, you will not survive.

Entrepreneurs who neglect the financial aspect of business realize when it is too late that the business is not making a profit. If you are unaware of your margins and cash flow, you can forget about succeeding in business.

What is an accounting system?

An accounting system will move your business into the 21st century and provide you with important financial indicators. An accounting system includes the following parts:

Data Collection: Business transactions and operations data

Data Organization: The process of examining and sorting data by date and transaction type

Accounting Database: Inputting data into a spreadsheet or accounting software

Financial Statements and Reports: This includes all your basic business forms: balance sheets, income statements, budgets, and timetables.

Analysis: Periodic examination of your business to avoid problems and capitalize on opportunities

You will also need basic accounting forms to track your revenue. The following are basic forms to keep your finances in order:

A balance sheet, which is a record of your assets, liabilities, and capital

An income statement profit and loss (P&L), which summarizes your earnings, expenses, net profits, and losses

Cash-flow projection statement, which provides you with the inflows and outflows of cash into your business

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.