So you want to do your own bookkeeping and accounting. Well, this is one of the most frustrating issues for many managers and small business owners. If you have no background in this, then it can be incredibly difficult and frustrating. It is not as simple as balancing your chequebook. And a lot of people have problems with that! Here is some basic information to get started.
Accounting / Bookkeeping Programs
In accounting you have to understand the government rules on account classification. If you have an outside accountant, then that person can usually show you what accounts you need for your business. Many small business owners use packages like Simply Accounting or QuickBooks in order to track their business books. This is great. But it still requires an understanding of basic bookkeeping. These programs will ask you start up questions that lead into the types of accounts that are likely needed fro your business. But, honestly, they tend to be more cumbersome than what you really need. That is why it is always good to have an outside expert that you can ask for a little advice, if you are not going to hire someone on a regular basis.
