How to Handle Accountingbusiness training. You do, however,

How to Handle Accounting
business training. You do, however, know your market and how to make your shop work. There are standards of accounting and legalities involved in keeping your books and, most importantly, you as the business owner are ultimately responsible for keeping those books accurate and in shape. The methods you choose to accomplish this task are of utmost importance right from the beginning.
The first thing that you must do is learn the basics of accounting for a retail business. Even if you intend on hiring a bookkeeper or accountant, you need to understand what is going on. Your business will require a way to track inventory, accounts payable (bills that the business pays), accounts receivable (money that the business receives), payroll, and local, state and federal taxes. If you have had little to no experience with these items, the task can seem challenging at best. Go and see several accountants and tell them what are doing. Ask them what areas they can help in and have them make you a list of what taxes need to be paid and when.
Next, establish a bookkeeper. This is an on site position in a retail business and carries a lot of responsibility. You may choose to hire one who has experience in the field, or initially to do the books yourself. The bookkeeper (who may be you) will need to make decisions about how the books will be kept. This is usually done by purchasing an accounting software package. The most common software packages used for business accounting are Quickbooks, Quicken, and Peachtree. All three are readily available, but do come in different forms. Each has a product that is targeted toward retail businesses and can even come with point of sale capabilities that will instantly track your inventory and sales as you do business.
The bookkeeper's job will consist of monitoring all inventory data that is going in and out of the system to ensure that it is accurate and up to date. They will need to track your accounts payable and print checks when they are due. They will also need to keep and reconcile the company bank accounts, including reconciling and making daily deposits. The bookkeeper needs to track employee timesheets and payroll data. Most importantly, the bookkeeper is a records custodian. They must keep all necessary documentation on hand that your business is required to have. Your bookkeeper will also be responsible for running reports for you and your accountant.
Choose an accountant from the ones that you previously visited and field out some work to them. You will want a Certified Public Accountant to file all of your business taxes. This will take place monthly, quarterly, and yearly. Make sure that your accountant's software will support the package that you purchased and then it is a simple matter of bringing them a disk back up of your file. Give them the originals of any forms or letters that you receive from the taxing authority, but make copies first and note the date that you delivered the forms. It should then be as simple as returning to the accountant's office to sign documents and, if necessary, bring a check to pay the tax.
Finally, you may choose to have a payroll company manage your payroll. Payroll can be in-depth as you are also collecting taxes from the company and employee while issuing checks. A payroll company will, for a fee, take the timesheet data that you send in (usually electronically) and send the checks to your business or offer direct deposit to your employees. They will also make your federal deposits on the collected taxes and issue W-2s, freeing you to concentrate on the running of your store.


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