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Accounting Basics

Small business owners get excited when they talk about the product or service they are selling. But when the topic changes to business accounting, most business owners turn quiet or full of anxiety.

Accounting is a tool that helps you "account for" what your business has done in the past, is currently doing, and will do in the future. To properly manage your business, you must establish an accounting system and reliable method of recording business transactions (called bookkeeping) on a regular basis.

Use the following financial tools to increase your chances of success:

Overview of basic terms and concepts to help you understand the principles of accounting.
Comprehensive list of financial terms and definitions frequently used in accounting.
Overview of balance sheet, income statement, and cash flow statement with sample forms and links to web sites that provide online tutorials.
Guide to help you determine which method of accounting is right for your business.
Learn how to use the numbers from financial statements to determine the liquidity, safety, profitability, and efficiency of your business.
List of what to do and what not to do regarding business accounting matters.
Tips to help you keep your business on sound financial footing.
Ways to ensure that your business follows good billing practices for quicker payment.
A proven process for collecting outstanding payments, including sample letter formats for each stage of collections.
A six-step approach for finding a professional accountant that you feel comfortable with, as well as questions to ask when interviewing accountants.
A step-by-step guide to selecting a small business accounting software package.
Extensive list of financial forms provided by the U.S. Small Business Administration including balance sheet, income statement, and cash flow statement.
In-depth report from the U.S. Small Business Administration that covers obtaining and managing capital. Includes sample balance sheet, income statement, and pro forma statements.

 
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" I was trying to learn more about becoming an SBA 8a certified firm. I went to the Asian BIC and it really helped me get through the process and save me a lot of time and money. What a great resource! I am now an 8a and I look forward to growing my business . "
Rudy Pamintuan
Sherman Consulting Inc
Chicago, IL
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