No you cannot! You’ll need to prepare a system to keep an eye on your status, whatever size your company is or will be. This has to be done to demonstrate your income into the government for taxation purposes towards the end of the year, to establish your standing to the own bank when applying for a work loan and to reveal your own sustainability and where you could make improvements to it. As you grow and possibly incorporate, it’ll become the law that you maintain good accounting records and have them on a regular basis audited by certified accountants.
For the time being you do not need that, but you may as well start out right. In some scenarios, you don’t need to receive a bookkeeping system. You can create a totally sufficient system for accounting for the company with just a spread sheet program, or columned pad of paper and a pencil! O Any other money creation company that has yet to reach minimal possible and does not have any debt. It’s always a great idea for these small companies to have their own checking account.
Put simply, have a banking account set up only for your company. It is possible to place money into it from your own personal banking accounts, but no money leaves it that’s not related to business expenditures. You have a fairly good record of one’s business bookkeeping only from your bank statements! O Revenue Log – every time someone pays for your service or product, listing it in this log. Almost every time your commercial check accounts shows cash coming in, one or more entries should go on your Revenue Log. The only time incoming money should not go on your Revenue Log is when you’ve contributed cash to the company.
Client name date item. And or description amount purchased cost subtotal sales tax accumulated total. Expense Log – each time you spend cash on behalf of one’s business, so money goes out of one’s business checking account, you should keep track of the kind of expense it was. If for nothing else, this is for correctly deduct them from earnings for tax purposes. Inventory – what you pay for the product you sell, or the raw materials for make it publicity or marketing expense – web site expenses, traditional media advertisements, related graphic and copy expenditures Training – any attended courses, seminars or conventions associated with your sector or running your company, books or eBooks purchased for same, Sales expenditures – display cases, show entrance fees, eBay fees, Pay Pal or credit card vendor charges. Postage – stamps, packaging Office supplies – paper, pencils, software, other small cost and\/or expendable items.