[cite] http://youtu.be/kVy7kdv5TUM
Back to: ACCOUNTING, TAX, & REPORTING
Below is an outline of the general accounting considerations for a small business.
Operational Accounting
- General Bookkeeping Procedures (Separate from Owners)
- Income Statement
- Statement of Cash Flow
- Balance Sheet
Payroll Accounting
- State and Federal Income Taxes (Withholding and Estimated Taxes)
- Social Security and Medicare (FICA)
- Unemployment Tax (FUTA) and (SUTA)
Tax Accounting
- Often prepare Operational Accounting books to account for tax consequences of operational decisions.