Every entrepreneur needs a strong bookkeeping system to help keep accurate records for a range of purposes. These include analyzing business activities, attracting investors, seeking finance, travel, lodging, and paying taxes as well as meeting reporting requirements. Under tax law, you’re required to keep records relating to income tax, GST or VAT, payments to employees, superannuation, fringe benefits tax, fuel tax credits, and business payments. It can be difficult to set up your own system without a bookkeeping background, which is why you should always consult a bookkeeping or tax professional when making these decisions. Once your system is set up the right training, effort and discipline can help you take control of your business finances.
Modern bookkeeping is the recording of all financial transactions, and is part of the process of accounting in business, which ultimately has tax consequences that any entrepreneur should be cognizant of. These financial transactions include such things as purchases, sales, receipts, and payments by an individual person or an organization/corporation. There are several standard methods of bookkeeping, including the single-entry and double-entry bookkeeping systems. While these may be viewed as “real” bookkeeping, any process for recording financial transactions is a bookkeeping process.
The bookkeeping process primarily records the financial effects of day-to-day transactions. In the Digital Age most business accounting is done electronically, which records financial transactions and simultaneously posts them to the relevant account. In the normal course of business, a document is produced each time a transaction occurs. For example, sales and purchases usually have invoices or receipts. Likewise, deposit slips are used when lodgements (deposits) are made into a bank account.
The execution of good accounting principles can seem overwhelming, which is why this course will help you understand what you should and should not be doing. In addition, our course will touch upon the question every Christian entrepreneur has, which centers around tithing and other tax deductible giving. Check out the video below for a quick look at how you can budget a small Christian owned business.
Just like an individual, businesses must pay keep good financial records, which ultimately have an affect on taxes. Taxes come in several varieties, namely federal, state, and local. Unlike individuals there are different types of taxes affecting business activities, like selling taxable products or services, using equipment, owning business property, being self-employed versus having employees, and of course, making a profit. In this course we will touch upon good bookkeeping practices, which ultimately have an affect on taxes. We will also discuss the effect of different business structures on taxes along with some of the key concepts listed below.
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