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Bookkeeping 101: All the Basics for Small Businesses

Updated: Jan 24

Trying to figure out bookkeeping for the first time is a lot like trying to read the map of a city you’ve never been to; it’s hard to navigate. This is especially true for small business owners who often find themselves overwhelmed by the daunting task that is bookkeeping. But don’t worry, we’re here to help! We have compiled the basics of bookkeeping so that you don’t have to. Keep reading to learn the basics of bookkeeping and why it’s important for your small business.

We’ve been throwing around the term a lot but what is bookkeeping anyway? Bookkeeping is the administration part of your business finances. It’s critical that the data entered is 100% because we use it to make decisions that can impact the growth of your business. The process includes tasks ranging from data entry to account reconciliations (making sure the right entries are in the right places), and financial reporting.

Although not the most fun task (to you… 😉), bookkeeping is essential for the success of your business and here are a few reasons why:

  1. Simplifies business finances – having all your information in one place helps you paint a more detailed picture of your financial position.

  2. Identifies mistakes early – you can avoid any costly mistakes.

  3. Tracks business financial health – you can more easily see ways to improve or change processes.

At the end of the day, bookkeeping can be a highly detailed and time-consuming process. As a small business owner, you may not have that time and energy to spare. There’s no shame in asking for some extra help! That way you can focus on the other tasks involved in running your company. Here at STEPS, we have a team of professionals that would be happy to take some of these financial tasks off your plate. Take a look at our services page to learn more or reach out through our contact page. We are always ready and waiting to help you out!

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