Basic Business Accounting Requirements - Explained
What are the basic aspects of business accounting?
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Below is an outline of the general accounting considerations for a small business.
What is Operational Accounting?
- General Bookkeeping Procedures (Separate from Owners)
- Income Statement
- Statement of Cash Flow
- Balance Sheet
What is Payroll Accounting?
- State and Federal Income Taxes (Withholding and Estimated Taxes)
- Social Security and Medicare (FICA)
- Unemployment Tax (FUTA) and (SUTA)
What is Tax Accounting?
- Often prepare Operational Accounting books to account for tax consequences of operational decisions.
Back to: ACCOUNTING, TAX, & REPORTING