Ask HN: What Do I Need to Know About Accounting for a Small Business?
I did my own books up to 250k in sales. After that I got a book keeper and an accountant. At 5 mil in sales I got an accounting firm. It should have happened around 2-3 mil<p>A few tips,<p>Know the difference between your balance sheet and a P &amp; L statement.<p>understand what a trial balance is<p>Don’t have 300 pages of expense accounts, you should be able to produce a financial snapshot at any of time of 1-2 pages<p>Quickbooks generally will do everything you need, the invoicing system is nice and can be integrated easily for credit card payments and recurring billing<p>Banks generally won’t count items older than 60-90 days on your A&#x2F;R as an asset