Setting Up Your Books

 

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Even if your business has an accountant, you should know something about basic accounting principles. Setting up your books in an organized manner is one of the important, and most ignored, first steps a new owner can take. To find out more about how to set up your books, see one of the following:

• Keeping good records reminds you of the importance of good recordkeeping.
• Amortizing your startup expenses explains how you can take advantage of tax rules allowing you to amortize some of your startup expenses over five years.
• Your basic bookkeeping explains some of the accounting basics and shows you how to set up your books properly.