Financial Accounts For Small Businesses
When it comes to accounting and bookkeeping for a small business, there are two major types of accounts used: management accounts or financial accounts. The two account types share many similarities but are distinct too. The management accounts generally include: Payroll for the payroll department, accounts payable, accounts receivable, and taxes. The other type of accounts includes: Corporate tax returns, income tax returns, quarterly statements of earnings, and monthly statements of account. The accounting for a small business will cover the day-to-day financial activities of that business. The financial accounts usually include: Payroll for the payroll department, accounts payable, accounts receivable, and taxes. The other type of accounts includes: Corporate tax returns, income tax returns, quarterly statements of earnings, and monthly statements of account. The accounting for a small business will also cover the financing aspects of that business such as: Loans, leases, purch...