Did you know that 45% of business owners neither employ an accountant nor a bookkeeper? This suggests that almost half of the 302 small business owners surveyed by Clutch (a prominent B2B research, rating and review firm) are not leveraging the accounting resources that they need.
In this episode of ExpertsConnect, we had a conversation concerning accounting for small businesses with a senior financial analyst, Mr. Gavin N. Bennett (CPA, CA, MBA).
Our discussion points included answers to the following questions.
1. What are the foundational accounting terms that people need to know when starting a business?
2. Do you need a separate bank account for business?
3. What are some of the typical expenses for small business owners or start-ups?
4. What tools are recommended for people to keep track of their business finances? Investopedia suggests that Quickbooks is one of the most widely used financial management tools, so get the latest copy here.
5. At what stage in the business lifecycle does one need a bookkeeper?
6. How can business owners increase their profits?
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