Accounting Tasks Every New Business Owner Should Master

Small Business Accounting 101

Small business owners have to wear many hats in order to be successful. Some roles may be easier to master, like cleaning up shop at the end of the day, but some of the operational duties may be a challenge for new business owners. For instance, accounting can be an overwhelming responsibility for a new small business owner to manage on their own. As a CPA Firm in Atlanta, below are our recommendations of what accountant responsibilities to prioritize.

The 5 Accounting Responsibilities to Master

1. Tracking ExpensesAccountant in Atlanta

In our personal lives, many of us tend to make purchases casually and not keep track of each trip to the grocery store, every meal out, and so on. When owning a small business, all expenses should be recorded. This may help you monitor your business’ growth while also staying organized for other tasks such as preparing tax returns.

2. Understanding Taxes

Small business owners need to have a strong understanding of their tax obligations. For example, self-employed business owners can claim their business’ income on their personal tax return. This may include other aspects such as establishing sales tax procedures.

3. Calculating Gross Margin

By being able to calculate your company’s gross margin, small business owners will have a more accurate awareness of their profit margin. This ultimately can you adjust when determining prices for your goods or services and achieve sustainable financial success.

4. Developing a BudgetAccountant in Atlanta

Your business’ expenses and investments cannot be a guessing game. An established budget not only will improve day-to-day spending, but it can also be beneficial for the long-term as a budget can help you reach certain investment goals to help your business grow.

5. Seeking Professional Guidance

No small business owner can do it on their own. To be financially stable and operate successfully, it is advised that small business owners meet with an accountant. Doing so will help you to make informed decisions going forward and will keep your business’ finances in good standing. For accountant services in Atlanta, small businesses turn to Brooks, McGinnis & Company: the area’s trusted Firm.

Trusted Small Business Accounting Services in Atlanta

Contact BMC Today

Brooks, McGinnis & Company, LLC is an accountant Firm that provides Atlanta businesses and nonprofits with professional CPA services. Our qualified team has decades of experience assisting small businesses with their accounting needs. We are eager to help small businesses succeed and would love the opportunity to extend our expertise to push your company in the right direction.

We Offer…

  • Financial Audits
  • Audit Preparation
  • Monthly Reporting
  • Year-End Reporting
  • And More

To start the process, contact us today at 404-531-4940 or by completing our contact form. Be sure to follow BMC on Facebook and LinkedIn for company updates.

Five Star Review“Each year, we learn more and more from your team and that helps us to better understand how we’ll arrive at our final numbers. Thank you again for the high level of service and support you provide us.”

Chris Henderson
Durable Industrial Finishing Company