Cite this article as:"Basic Business Accounting Requirements," in The Business Professor, updated July 7, 2014, last accessed October 27, 2020, https://thebusinessprofessor.com/lesson/basic-business-accounting-requirements/.
Back to: ACCOUNTING, TAX, & REPORTING
Below is an outline of the general accounting considerations for a small business.
- General Bookkeeping Procedures (Separate from Owners)
- Income Statement
- Statement of Cash Flow
- Balance Sheet
- State and Federal Income Taxes (Withholding and Estimated Taxes)
- Social Security and Medicare (FICA)
- Unemployment Tax (FUTA) and (SUTA)
- Often prepare Operational Accounting books to account for tax consequences of operational decisions.