05/18/2016
Ok small business owners and nonprofit visionaries! Here is component number 3 for a solid accounting plan. If you missed the first two, be sure to check our post on our website and stay tuned for more!
3. Chart of accounts
A chart of accounts (COA) is a listing of the accounts used by an organization to define and record transactions. Create a COA that best suits the nature of your business. Your accounting software will likely give you a head start by providing a basic chart, but since different industries and business structures require different accounts for tax purposes, you may want to get assistance from an accountant. Creating a good COA and using it in a consistent manner will allow you to create accurate financial reports and will be a big help when it’s time to file your taxes.
As a new business owner, providing valuable service to your customers is a high priority and invigorating to think about and plan. The business-end of the business, with all the administrative ta…