self-help
Consider this page a free consultation! This is where information is
posted to our site to help clients and prospects understand business
basics as it pertains to our expertise. Feel free to contact us when self-
help is not enough for you.
TENFOLD Enterprises
Business Basics by K. Hopkins
Bookkeeping Basics
Bookkeeping is the process of maintaining daily financial transactions using a computerized
or manual accounting system.
It involves several facets including:
It is important that the person processing the bookkeeping understands how all of these
facets affect the financial reports; assets, liabilities and capital.
Many people feel confident about processing their own business bookkeeping...that is until a
mistake is made and they don't know how to correct it (properly). I always advise my clients
to take instructional classes that teach proper bookkeeping basics. Many classes can be
taken online at community colleges.
Business Management Basics
Business management is the daily activities associated with running a company. In a small
business, the owner is responsible for making sure all of the bases are covered. When a
business is small and simple, that is easy to do, but when there is a high volume of work,
outsourcing may be a better option.
SCENARIO: Your business is up and running and you're excited about earning an income and
profit! But the daily paperwork is cutting into the time you could spend making money. What
should you do? Well you could get really organized and discipline yourself to complete it
(easier said than done!) Or, you can hire a service to maintain that part of your business for
you until you are in a position to hire staff.
What exactly are we talking about?
Business Startup Basics
The Small Business Administration (SBA) assisted with my business startup and I highly
recommend their services to you. Their website address is www.sba.gov. Or, you can
conduct your own research by accessing resources at your local library.
posted to our site to help clients and prospects understand business
basics as it pertains to our expertise. Feel free to contact us when self-
help is not enough for you.
TENFOLD Enterprises
Business Basics by K. Hopkins
Bookkeeping Basics
Bookkeeping is the process of maintaining daily financial transactions using a computerized
or manual accounting system.
It involves several facets including:
- accounts payable (bills and invoices; expenses)
- accounts receivable (deposits; income)
- bank statement reconciliation
- journal entries
- general ledger
- payroll
- accruals
- financial statements
- cash journals (for petty cash)
- adjustments
- month-end and year-end processing
It is important that the person processing the bookkeeping understands how all of these
facets affect the financial reports; assets, liabilities and capital.
Many people feel confident about processing their own business bookkeeping...that is until a
mistake is made and they don't know how to correct it (properly). I always advise my clients
to take instructional classes that teach proper bookkeeping basics. Many classes can be
taken online at community colleges.
Business Management Basics
Business management is the daily activities associated with running a company. In a small
business, the owner is responsible for making sure all of the bases are covered. When a
business is small and simple, that is easy to do, but when there is a high volume of work,
outsourcing may be a better option.
SCENARIO: Your business is up and running and you're excited about earning an income and
profit! But the daily paperwork is cutting into the time you could spend making money. What
should you do? Well you could get really organized and discipline yourself to complete it
(easier said than done!) Or, you can hire a service to maintain that part of your business for
you until you are in a position to hire staff.
What exactly are we talking about?
- business license renewals
- sales tax returns
- compiling paperwork for annual tax returns
- customer billing
- bookkeeping
- marketing & advertising
- engagement letters
- customer service
- website updates
- and more depending on the type of business and volume of work.
Business Startup Basics
The Small Business Administration (SBA) assisted with my business startup and I highly
recommend their services to you. Their website address is www.sba.gov. Or, you can
conduct your own research by accessing resources at your local library.
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