PART
1

Laying the Groundwork

You can’t really grow a successful business without having a handle on how the business is doing financially. Yet accounting can be a daunting topic for many business owners, who might find it too jargony and math- or rule-intensive. Even if you have the resources to hire a full-time bookkeeper and consult with a CPA, you need to understand accounting concepts to ensure you can keep your company’s accounting processes on track and your business financially healthy.

Part 1 guides you as you take your first steps into handling or managing the accounting for your business. In the following chapters, we teach you about basic accounting terminology and concepts and then review the basic accounting considerations at the point where you start your business, including selecting a structure for the business, choosing an accounting method, and handling all the paperwork needed to make the company official.