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Create a Business Recordkeeping and Accounting System

From Jean Murray,
Your Guide to US Business Law / Taxes.
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Find Business Accounting Software

The first step in creating a business recordkeeping system is to find business accounting software. There are several sources for software are online and purchased.

  • Online Software
    If you are in a small service business with few employees, you may want to use online software.

  • Packaged Accounting Software
    If your business is large and you sell many products, you will probably want to use packaged business accounting software.

  • Specialized Industry Software
    If your business is part of a franchise system or is highly specialized, you may be able to find special accounting software for your industry.
  1. Find Business Accounting Software
  2. Decide Who Will Do Your Business Bookkeeping
  3. Create a Chart of Accounts
  4. Capture All Accounting Information
  5. Check Information for Accuracy and Completeness
  6. Record Financial Information in Your Accounting Software
  7. Review Your Financial Reports Regularly
  8. Act on Your Review of Financial Reports
  9. Meet with Your Tax Professional Regularly
  10. Run Tax Reports and Pay Business Income Taxes

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