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Financial Accounting and Reporting Classroom Materials

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Financial Accounting and Reporting is an important part of the accounting curriculum. The skills students learn in your classroom will not only prepare them for more advanced courses, but to one day succeed in a career.  The below are supplemental curriculum resources that the AICPA Academics team have reviewed and think can be used in the classroom.

Award-Winning Curricula

The Academics team is proud to offer award-winning curricula designed to encourage faculty and expand the knowledge of accounting students. The curricula below is from the  Accounting Professors Curriculum Resource tool  and has been recognized for excellence with the  Bea Sanders/AICPA Innovation and Teaching Award , the  George Krull/Grant Thornton AAA Innovation in Junior and Senior-Level Teaching Award,  or the  Mark Chain/FSA Innovation in Graduate Teaching Award . 

  • A Better Way to Teach Effective Interest Method Related Problems in Accounting   This resource presents a simpler method of teach accounting problems involving the use of the effective interest method. The method stimulates student interest by focusing on the economics of the transaction and relating it to real-life examples.
  • Accounting in the Headlines: A News Blog for the Introductory Accounting Classroom   This resource shares Wendy Tietz's "Accounting in the Headlines" blog in which she writes stories about real-life companies and events that can be used in the accounting classroom to illustrate introductory financial and managerial accounting concepts.
  • Accounting Challenge (ACE): Mobile-Gaming App for Learning Accounting Accounting Challenge is the first mobile-gaming app for teaching financial accounting. ACE aims to enhance learning of accounting outside the classroom by engaging students to play and learn accounting on the go.  
  • A FASB Accounting Standards Codification Project for Introductory Financial Accounting   This exercise is designed as a team project in which introductory accounting students act as a consultants to a client seeking guidance on issues surrounding a start-up venture. Students must access and cite the Codification as the basis for the materials they submit in fulfillment of the project requirements.
  • Attracting the Best and Brightest to Accounting: Establishing an Honors Accounting Course   This resource presents one school's approach to attracting and recruiting the best and brightest students toward accounting by offering an honors accounting course.
  • Beyond Debits and Credits... Service Learning in Accounting   This resource presents a service learning project implemented in two accounting courses to enhance student skills in communication and teamwork.
  • Business From the Idea to the Seasoned Offering: Accounting and Financial Statements Reflecting Business Activities   This project takes accounting education from bookkeeping to holistic active business learning including how financial statements build to reflect the business.
  • Chocolate: Accounting as a First year Seminar   This resource provides a thematic approach at combining first year seminars and accounting programs using student activities that are simultaneously engaging and assessable.
  • Creative Strategies for Teaching MBA Level Accounting   This resource presents a new concept for teaching accounting to MBA level students. At its heart, accounting centers on measurement of historical transactions or the measurement of future opportunities. this course turns the focus from rules, to the tools leaders need to manage a complex organization.
  • Cultivating Deep Learning in the Principles of Accounting Classes through Philanthropy-Based Education   This philanthropy project goes beyond service learning or volunteerism. Students make real decisions that have immediate impacts on their community. Students award funding to not-for-profit agencies based on a competitive proposal process.
  • Digital Storytelling for Engaged Student Learning   This resource uses digital story telling, a movie, to enhance students' technical competence in accounting. The story uses 12 episodes to follow three young business graduates who started their own business and discover along the way the role of financial information in managing a business venture.
  • FASB Accounting Standards Codification: Student-Authored Research Exercises   This resource is based on the notion that the best way to learn something is to teach it. Students in a financial accounting graduate class demonstrate their master of GAAP research skills by creating research assignments using the FASB Accounting Standards Codification.
  • Forming Groups in the Age of YouTube   This resource uses a variation of speed dating as a means for forming groups in an introductory accounting class. By learning more about their classmates prior to self-selecting a group this method allows students to choose better groups.
  • Getting Started in the Throughbred Horse Business: A Review of Some Basic Accounting Principles   This resource provides reinforcement of common accrual accounting concepts centered on the breeding and racing operations of a small thoroughbred horse business. This curriculum is appropriate to use after students have been exposed to fixed assets, inventory, profit and loss and cash flow reporting.
  • IFRS Immersion   This resource provides instructions for teaching an IFRS course from the standpoint of foreign companies that have already dealt with the problems and issues associated with converting from local GAAP to international GAAP.
  • IFRS Projects Using Dual Reporting of IFRS and U.S. GAAP   This resource illustrates integrating IFRS learning into financial accounting curricula by incorporating valuable contrasting information from the dual reporting.
  • Integrated Accounting Principles: A New Approach to Traditional Accounting Principles Courses   This resource describes an integrated accounting principles course that combines traditional financial and managerial accounting courses into a single six hour course.
  • Introducing Freshmen Students in the Accounting/Finance Course to the Library   This resource describes a series of online, interactive tutorials and quizzes to help students learn fundamental concepts and skills of company and industry related research.
  • Introduction to Financial Accounting Case Project: Arctic Blast Ice Cream Store   This case provides an opportunity for students to apply accounting concepts to a simple business venture. The project lasts 4-6 weeks and covers three distinct phases of the management process: business decision making, performance and evaluation.
  • Let's Go to the Movies: Using Movies as an Ethics Assignment   This project involves students watching a series of predetermined movies and noting the ethical dilemma. At the end of the semester each student must defend one of the movies as a nominee for "A Must See Ethics Movie" for accounting/business students.
  • Mini-responsibility Centers: A Strategy for Learning by Leading   This resource explains the concept of using mini-responsibility centers (MRCs) to decentralize large financial, managerial and cost accounting courses. In return the students are more focused and engaged.
  • Modeling Uncertainty in C-V-P Assignments: Going Beyond the Basics!   This resource provides an outline for using the Monte Carlo Simulation to offer graduate students an opportunity to rapidly come to insights about probabilistic model building and interpretation. The simulation combines quantitative skills and qualitative skills along with reports and presentations.
  • Northwind Data Query Exercise   This project encourages students to consider the evolution of data sources for financial reporting and evaluate how to acquire and manipulate information in this emerging business reality; by actually practicing queries and exporting information to worksheets.
  • Reinventing Student Engagement and Collaboration within Introductory Accounting Courses   This resource provides ideas for increasing engagement and collaboration in the introductory accounting class. Examples include student projects, flipped classroom applications and in-class problems.
  • Responsibilities and Choices: An Active Engagement Exercise for Introductory Accounting Courses   This exercise provides students with an opportunity to perform a basic due diligence task, complete a relatively simple working paper to document their work and make a decision. The exercise has embedded moral temptation and ethical issues and examines ethical choices that students make in the presence of time pressure and reward structures that encourage aggressive performance.
  • TeachingIFRS.com   This document provides information on TeachingIFRS.com which was created  in response to the rapid growth of IFRS and lack of high quality and effective teaching resources. The site consolidates and provides links to numerous freely available IFRS pedagogical materials.
  • Testing Critical Thinking Skills in Accounting Principles   This resource describes a method for testing critical thinking skills in an accounting principles course. Using this method, each testing period is divided into two parts. First, students complete an individual traditional test. The second part is a critical thinking exercise called "the challenge problem".
  • The Accounting Profession Post Sarbanes-Oxley: An Approach to Impart Knowledge About the Conceptual Framework and Attract Students to the Accounting Major   This document provides the description of a program entitled "The Accounting Profession Post Sarbanes-Oxley". The program provides students with an opportunity to better understand important elements of the conceptual framework. It also provides an overview of the career opportunities in accounting.
  • The Accounting Tournament - March Madness in Financial Accounting   This resource describes implementation of an end of year comprehensive review using brackets as a model. Students are randomly placed in the bracket and compete against each other for extra credit points.
  • The Amazing Accounting Race: An Introductory Accounting Semester Project   This project engages students with an exciting internet race around the professional world of accounting. Students obtain clues to complete tasks, encounter detours, road blocks and fast forwards. The assignments utilize students' synthesis skills and computer application skills as they collect facts about accounting careers from the internet and assemble data in an organized format.
  • The College to Professional Experience   This resource outlines a program that serves to better prepare students for the "real world" by changing the perception of education from "learning by doing" to "doing and making to learn with technology". The project aims to move beyond traditional models of education to leverage technology to facilitate new methods of delivery and understanding.
  • The Farming Game and the Introductory Financial Accounting Course: An Accounting Simulation   The Farming Game enables students to develop many of the skill-based competencies needed by students entering the accounting profession, regardless of career path. The Game provides experiential learning of various accounting principles. It is a learning opportunity that offers students a degree of reality and a larger view of the system.
  • Understand FX Risk by Playing Monopoly   This resource uses a short version of Monopoly to understand the FX risk impact on net income.
  • Back to the Future: Using Accounting History to Explore Professional Opportunities   In this project students read an article about a period of time in accounting history and present their findings to the class in a video format. Students then tie what they have learned in the presentations to the field of accounting today as well as the future.
  • From Pacioli to Picasso: Using Art to Enhance Critical Thinking in Accounting Capstone Courses   This resource outlines using name cards, picture drawings and classic artwork to help students enhance their critical thinking skills. The exercise sets the tone for a course that requires them to think about more than rules and regulations and instead delve into the "why" and "what could be."
  • Digging Deep: Using Forensic Analytics as a Context to Teach Microsoft Excel and Access   This resource describes a graduate level case that focuses on the development of technology skills through the lens of forensic analysis.
  • Who Moved My Classroom? Community Linked Learning and Assessment   This resource describes three exercises that expand learning beyond the classroom. The first exercise allows students to discover the linkage between classroom studies and what practitioners do in the "real world". The second allows students to apply the COSO model to internal controls. The third requires students to interpret financial statements for a friend.

Additional Materials

Here are additional materials we reviewed and think are useful to incorporate into the classroom.

  • IIRC Database of Research on Integrated Reporting The International Integrated Reporting Council (IIRC) launched the <IR> Academic Database, a searchable collection of more than 200 articles, books, chapters, dissertations, and other pieces of scholarly research on the advancement, adoption, and practice of integrated reporting. 
  • A destination is only as good as its compass. The new  My 360  is here to help you create a free plan personalized to your financial needs by helping guide you through all the resources 360 Degrees of Financial Literacy has to offer.

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Accounting 101: Accounting Basics for Beginners to Learn

Learn about accounting basics how developing an understanding of your business's accounting will allow you to grow better.

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ACCOUNTING AND FINANCIAL TEMPLATES

Access a free P&L statement, balance sheet, cash flow statement, and more.

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Updated: 02/22/24

Published: 02/22/24

You‘re smart, but starting a small business doesn’t make you a finance expert. Accounting 101 is crucial for every business owner because of the time and money it can save you in the future.

It doesn't matter if you love crunching numbers or consider yourself the more creative type. Entrepreneurs have to be aware of the financial health of their businesses and have a good grasp of accounting basics.

→ Download Now: 5 Financial Planning Templates

We wrote this accounting guide to ease you into the world of business accounting. By the end, you’ll feel ready to tackle your own business’s accounting (or find someone who can help).

Keep reading, or use the chapter links below to jump to the section you're looking for.

Table of Contents

  • What is accounting?
  • What is business accounting?

What do accountants actually do?

Types of accounting, accounting skills, accounting principles, basic accounting terms, accounting basics, small business accounting.

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Free Financial Planning Templates

Manage your business and personal finances with these five financial planning templates.

  • Balance Sheet Template
  • Profit & Loss Statement Template
  • Financial Projection Template

You're all set!

Click this link to access this resource at any time.

The Generally Accepted Accounting Principles (GAAP) are a blueprint for accounting across sectors in the U.S. These principles confirm that publicly traded companies share their finances accurately.

By law, accountants for all publicly traded companies must comply with GAAP. Let’s break down these principles.

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If you limit your accounting to material transactions, you can save time for your business. At the same time, you want to make sure that financial information that's important to stakeholders is easy to access and review. This concept comes up most often during an audit.

How to apply this principle: You might start your business accounting by recording every transaction. But as your business grows or circumstances change, you may want to revisit the way you record and report small transactions.

10. Principle of Utmost Good Faith

According to this principle, parties should remain honest in all transactions.

This principle establishes trust. It reinforces that you will share important information with stakeholders before you enter into a contract together. This gives each person a full and clear picture of your business before they make an agreement.

How to apply this principle: Be transparent and share essential details as you make agreements.

Whether you’re doing the accounting yourself or working with an external party, these phrases will come up. Talking the talk will help you make better choices for your business. These 15 terms will create the foundation on which you’ll build your knowledge.

Some of these terms might not apply to your business right now. However, you’ll need a holistic understanding of the subject as your business grows.

1. Debits & Credits

Not to be confused with your personal debit and credit cards, debits and credits are foundational accounting terms to know.

A debit is a record of all money expected to come into an account. A credit is a record of all money expected to come out of an account. Essentially, debits and credits track where the money in your business is coming from and where it’s going.

Many businesses operate out of a cash account – or a business bank account that holds liquid assets for the business. When a company pays for an expense out of pocket, the cash account is credited because money is moving from the account to cover the expense. This means the expense is debited because the funds credited from the cash account are covering the cost of that expense.

Here’s a simple visual to help you understand the difference between debits and credits:

2. Accounts Receivable & Accounts Payable

Accounts receivable is money that people owe you for goods and services. It’s considered an asset on your balance sheet. For example, if a customer fulfills their invoice, your company’s accounts receivable amount is reduced because less money is now owed.

Accounts payable is money that you owe other people and is considered a liability on your balance sheet. For example, let’s say your company pays $5,000 in rent each month. Here’s how that would be recorded in your financial records before that amount is paid out.

Once that value is paid, here’s how that would be recorded in your company’s financial records.

3. Accruals

Accruals are credits and debts that you’ve recorded but not yet fulfilled. These could be sales you’ve completed but not yet collected payment on or expenses you’ve made but not yet paid for.

(Why not wait to record the activity until the payment is complete? We’ll answer this question when we explain the accrual accounting method later.)

Assets are everything that your company owns — tangible and intangible. Your assets could include cash, tools, property, copyrights, patents, and trademarks.

5. Burn Rate

Your burn rate is how quickly your business spends money. It’s a critical component when calculating and managing your cash flow.

To calculate your burn rate , simply pick a time period (such as a quarter or a year). Subtract your on-hand cash amount at the end of that period from your on-hand cash at the beginning, then divide that number by the number of months in the period (or by your chosen cadence).

Capital refers to the money you have to invest or spend on growing your business. Commonly referred to as “working capital,” capital refers to funds that can be accessed (like cash in the bank) and don’t include assets or liabilities.

7. Cost of Goods Sold

The cost of goods sold (COGS) or cost of sales (COS) is the cost of producing your product or delivering your service.

COGS or COS is the first expense you’ll see on your profit and loss (P&L) statement and is a critical component when calculating your business’s gross margin. Reducing your COGS can help you increase profit without increasing sales.

8. Depreciation

Depreciation refers to the decrease in your assets’ values over time. It’s important for tax purposes, as larger assets that impact your business’s ability to make money can be written off based on their depreciation. (We’ll discuss expenses and tax write-offs later on.)

Equity refers to the amount of money invested in a business by its owners. It’s also known as “owner’s equity” and can include things of non-monetary value, such as time, energy, and other resources. (Ever heard of “sweat equity”?)

Equity can also be defined as the difference between your business’s assets (what you own) and liabilities (what you owe).

A business with healthy (positive) equity is attractive to potential investors, lenders, and buyers. Investors and analysts also look at your business’s EBITDA , which stands for earnings before interest, taxes, depreciation, and amortization.

10. Expenses

Expenses include any purchases you make or money you spend in an effort to generate revenue. Expenses are also referred to as “the cost of doing business.”

There are four main types of expenses, although some expenses fall into more than one category.

  • Fixed expenses are consistent expenses, like rent or salaries. These expenses aren’t typically affected by company sales or market trends.
  • Variable expenses fluctuate with company performance and production, like utilities and raw materials.
  • Accrued expenses are single expenses that have been recorded or reported but not yet paid. (These would fall under accounts payable, as we discussed above.)
  • Operating expenses are necessary for a company to do business and generate revenue, like rent, utilities, payroll, and utilities.

11. Fiscal Year

A fiscal year is the time period a company uses for accounting. The start and end dates of your fiscal year are determined by your company; some coincide with the calendar year, while others vary based on when accountants can prepare financial statements.

12. Liabilities

Liabilities are everything that your company owes in the long or short term. Your liabilities could include a credit card balance, payroll, taxes, or a loan.

In accounting terms, profit — or the “bottom line” — is the difference between your income, COGS, and expenses (including operating, interest, and depreciation expenses).

You (or your business) are taxed on your net profit, so it’s important to proactively plan for your tax liability. Do this by staying on top of your net profit amount, setting aside some of your revenue in a separate savings account, or paying your estimated taxes every quarter (like employer withholding).

14. Revenue

Your revenue is the total amount of money you collect in exchange for your goods or services before any expenses are taken out.

15. Gross Margin

Your gross margin (or gross income ), which is your total sales minus your COGS — this number indicates your business’s sustainability.

Regardless of how you manage your business accounting, it‘s wise to understand accounting basics. If you can read and prepare these basic documents, you’ll understand your business’s performance and financial health — as a result, you'll have greater control of your company and financial decisions.

Here are the documents and calculations we recommend picking up, even if you work with a professional consulting agency or have hired a certified public accountant (CPA). They provide valuable snapshots and measures of your business performance.

1. Income Statement

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2. Itemize all expenses by department.

Raise your hand if you’ve heard anyone say, “Hey, I can write that off.” I heard my parents say that a lot when I was younger — they’re both entrepreneurs — and I had no idea what it meant.

It wasn’t until I started my own venture in college that I came to understand tax deductions: they are a wonderful yet pesky benefit of owning a business.

Many business expenses are tax deductions — expenses that deduct from what you owe in taxes. For example, if I spent $500 to fly to and attend a marketing conference, that’s $500 less I owe in taxes for that year. The catch? In order to claim a deduction, you need to keep a record of that expense.

Historically, keeping, filing, and reviewing paper receipts was a time-consuming task. (My mom used to pay 10-year-old me to organize receipts by date and highlight the vendor and total amount … now I understand why.)

Today’s entrepreneurs have it much easier. Software, apps, and cloud-based bookkeepers have made it a breeze to track expenses and not have to keep hundreds of receipts lying around. Check out solutions like Rydoo , Expensify , Zoho Expense , and Shoeboxed to help manage your expenses.

Now, let’s discuss the expenses and supporting documentation you’ll be managing. While we can’t cover every possible deduction , here are a handful you should definitely keep a record of. (Why? Because they’re easy to mix up with personal expenses … and the IRS knows it.)

  • Advertising and marketing expenses, such as paid social media ads, website hosting fees, and business cards
  • Business travel , such as plane tickets, hotels, and rental cars
  • Home office expenses, such as WiFi, equipment, and mobile phones
  • Vehicle-related expenses, such as mileage and gas
  • Meals and entertainment , such as trips to coffee shops, cafes, or concerts (unless you don’t attend these events … then they’d be considered Gifts )

In case you need to support these expenses, we recommend that you keep the following documents. (Rule of thumb: When in doubt, keep everything .)

  • Receipts (paper and digital)
  • Bank and card statements
  • Bills (for utilities, phone, internet, etc.)
  • Canceled checks
  • Invoices and documents showing proof of payment
  • Financial statements from your bookkeeper or bookkeeping software
  • Tax returns from previous years
  • Any W-2, W-4, W-9, and 1099-MISC forms

Another common way to manage your expenses is by separating operating expenses from selling, general, and administrative (SG&A) expenses.

Operating and SG&A Expenses

Some companies decide to combine operating (OPEX) and SG&A expenses , while some separate them (they can be combined on an income statement). Either option is totally fine — it's about preference.

Here's what you need to know about OPEX versus SG&A expenses :

  • Operating expenses include costs related to your daily expenses and are often the majority of a business's expenses (which is why many companies choose to combine these expenses).
  • OPEX aren‘t included in COGS — they’re the costs involved in the production of goods and services such as rent, utilities, insurance, inventory costs, salaries or wages, property taxes, or business travel.
  • SG&A expenses are incurred as daily business ops and are included in income statements (under “expenses”).
  • SG&A expenses aren‘t included in COGS (since they’re not associated with a specific product) and aren't assigned to your manufacturing costs.
  • If separated from OPEX, SG&A covers factors like accounting and legal expenses, ads and promotional materials, marketing and sales expenses, utilities and supplies that aren't related to manufacturing, and corporate overhead (if there are executive assistants and corporate officers).

3. Adhere to all income, employment, and excise taxes.

Ah. If only bookkeeping meant hoarding the paperbacks I overbuy from my local bookstore — I’d be really good at that.

Unfortunately, bookkeeping isn’t always as fun. It’s another important account term that refers to the day-to-day recording, categorizing, and reconciling of transactions. Basically, bookkeeping keeps you from spending and making money without tracking it.

Bookkeeping is an ongoing task. Technically, you should be doing it every day, but we all know life can get in the way. Ideally, you should complete your bookkeeping every month so you can keep a thumb on the pulse of your income, expenses, and overall business performance.

Before we dive into how to do your bookkeeping, let’s cover the two main bookkeeping methods .

Cash Method

The cash method recognizes revenue and expenses on the day they’re actually received or paid. This method is the simplest for small businesses because it doesn’t require you to track payables or receivables and reflects whether or not your money is actually in your account.

Accrual Method

The accrual method recognizes revenue and expenses on the day the transaction takes place, regardless of whether or not it’s been received or paid. This method is more commonly used as it more accurately depicts the performance of a business over time.

The only thing it doesn’t show is cash flow — a business can look profitable but have zero dollars in the bank. If a business’s annual revenue exceeds $5 million, it’s required to use the accrual method.

Now, let’s talk about how you can do your bookkeeping.

  • You could keep your own books with a spreadsheet (like Excel or Google Sheets). This method is best for individuals or small businesses with low budgets. Download a bookkeeping template if you need help structuring your data.
  • You could outsource your bookkeeping to a freelance bookkeeper or bookkeeping service.
  • You could hire a full-time bookkeeper if your budget and bandwidth allow it.
  • You could use bookkeeping and accounting software like Bench , Manager.io , Quickbooks , Freshbooks , or Xero . (Don’t worry — there are plenty of free accounting software options, too.)

4. Set up a payroll system.

Do you plan on hiring employees or contractors? Perhaps you’re managing on your own for now but are considering expanding in the future. Regardless, you’ll need to understand and secure a payroll system.

Payroll is another tedious yet required part of accounting. Thankfully, there’s plenty of software that can help you. ( Hallelujah for modern-day technology, right? 🙌🏼) Check out solutions like Gusto , Zenefits , and Intuit Quickbooks Payroll .

Employees and independent contractors are classified differently and give your business different tax deductions. Here’s how to handle both.

Payroll For Employees

You can deduct employee wages (salaries and commission bonuses), employee education expenses, and employee benefits (accident and health plans, adoption assistance, life insurance, and more) from your taxes.

You can also deduct payroll taxes, which are employment taxes paid on behalf of your employees (like Social Security and Medicare, as well as federal and state unemployment taxes).

Employees should submit a W-4 form , so you know how much tax to withhold. In exchange, you should provide employees with a W-2 form , which summarizes their yearly gross pay. They use this to pay personal taxes.

Payroll For Independent Contractors

Independent contractors include freelancers, consultants, and other outsourced experts who aren’t formally employed by your business. With contractors, you don’t pay benefits or withhold taxes on their behalf.

Because of that, contractors should submit a W-9 form , so you have their business information (such as their SSN or EIN ), and you should provide a 1099-MISC form in exchange (if you pay them more than $600 per year).

A 1099 form tells the government how much you spent for their services — so you can write this amount on your tax return, and so they can assume the tax burden on their return.

5. Identify the right payment gateway for your needs.

We’ve talked about your method of paying employees and contractors. Now, let’s talk about how you’ll receive money for your goods and services. (This sounds like more fun, huh?)

Your method of collecting money is often referred to as your payment gateway. Whether you provide freelance services, set up shop at a local farmer’s market, or run a global e-commerce business, you need an easy (and legal) way to collect what you’ve earned.

Depending on the nature of your business, how you collect money will vary. Let’s go over some options.

Payment Gateway For Service Provider

As a freelance writer, I rarely work with clients in person. In fact, I’ve only ever officially met one of my clients — the rest I work with purely over email. Because of that, I collect most of my payments through an online gateway.

PayPal is a popular choice for collecting payments. You can also use software like Wave , Xero, or Bench. Not only can you invoice clients through these programs, but you can also conduct bookkeeping, payroll, and other accounting tasks. These charge fees, though, so consider that when making your decision.

Another way to collect payment is through mobile applications like Venmo or Square Cash — just be sure to send an invoice as proof of payment. Lastly, you can always collect payment via check — it just takes a bit longer than an online transfer. (Send an invoice with this method, too.)

Payment Gateway For Storefront Business

Collecting money in person (at a storefront, marketplace, etc.) can get pricey. Between equipment, credit card fees, and handling physical cash, it can be a hassle. Thankfully, Square and PayPal make it easy to accept card payments using your smartphone or tablet. These programs also send your customers' receipts, reconcile your transactions, and handle returns if necessary.

If you expect a high influx of daily purchases, we recommend choosing a more robust POS system and more reliable equipment (like a register and dedicated card reader).

Both Square and PayPal offer this option, too. With this option, you’ll need to set up a merchant account with your bank. (This account acts as a middle ground between your POS system and main bank account.)

Payment Gateway For Ecommerce Business

Ecommerce platforms like Shopify , BigCommerce , and WooCommerce often provide built-in payment gateways. These are always the easiest to adopt as they’re already integrated with your website. You could also use third-party payment solutions like Stripe .

6. Understand the tax obligations for your type of business.

Taxes are inescapable. Thankfully, they’re easy to prepare for. The best way to do so is to educate yourself on your business’s tax obligations, keep accurate records, and set aside revenue (or pay ahead in quarterly taxes).

Paying taxes as a small business is slightly more complicated than it is as an individual. The amount and type of taxes you file will depend on a few things: your business’s legal structure, if you have employees (and how many), and if you collect sales tax.

This part of accounting — tax obligation and collection — is particularly tedious. We highly recommend that you work with a professional to at least ensure your business is following the proper procedures and laws.

7. Regularly review and evaluate your methods.

Similar to other processes and strategies across your business, you‘ll want to constantly review and evaluate your accounting methods. You should always have a controlled process in place for your business accounting — because, as you’ve learned throughout the above sections, it‘s an absolutely critical aspect of your company’s overall health.

The frequency in which you review and evaluate your methods is bound to be unique to your specific business. However, it‘s normal (and recommended) to audit your process at the end of every month, quarter, and year. This way, nothing slips through the cracks or becomes a problem that’s too large to bounce back from.

If the nature of your business is seasonal, you can tailor different factors, like the frequency of your evaluation, to this cycle. For instance, you might require more reviews of your accounting process during high season and fewer during slower months.

8. Consider a professional service or CPA.

As important as it is to understand how business accounting works, you don’t have to do it alone. That’s where professional accounting services and CPAs come in.

If your budget allows, we highly recommend hiring a professional to help with your accounting. Here’s how you can go about doing so.

  • Ask for a referral from a trusted friend or another entrepreneur. If you’re part of any business groups or networks, ask for recommendations there, too.
  • Use the CPA directory .
  • Use Yelp for local professionals.

Whomever you choose, be sure to read plenty of reviews and testimonials about your potential accountant. Inquire about their experience in your industry, rates, and services, and make sure you’re comfortable with how and how often you’ll communicate with your accountant before you sign anything. Set all expectations upfront.

Also, if you have the funds, hiring an in-house accountant is always an option. This person would be responsible for your business’s accounting only and be a contractor or full-time employee.

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accounting assignments

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accounting assignments

Managerial Accounting

18th edition.

Financial Accounting: Information for Decisions, 11th Edition

Financial Accounting: Information for Decisions

11th edition.

Financial Accounting 6th Edition

Financial Accounting

6th edition.

Intermediate Accounting 11th Edition

Intermediate Accounting

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accounting assignments

IMAGES

  1. Fma financial accounting assignments with solutions

    accounting assignments

  2. Financial Accounting Assignment

    accounting assignments

  3. Accounting Principles

    accounting assignments

  4. How To Write An Accounting Assignment? With 7 Easy Tips from Expert Tutors

    accounting assignments

  5. Business Accounting Assignment Sample

    accounting assignments

  6. Fma financial accounting assignments with solutions

    accounting assignments

VIDEO

  1. Accounting ExtraCredit

  2. Advanced Accounting Editing Assignment Settings

  3. Working MyLab Homework Assignments

  4. Accounting Objectives-1

  5. Profit Centre Accounting| Introduction| Profit Centre Assignments| Configuration

  6. Origins of Accounting and Book keeping

COMMENTS

  1. Financial Accounting and Reporting Classroom Materials

    Financial Accounting and Reporting Classroom Materials. Financial Accounting and Reporting is an important part of the accounting curriculum. The skills students learn in your classroom will not only prepare them for more advanced courses, but to one day succeed in a career.

  2. Financial Accounting Workbook (Version 2.1) Tony Bell

    simply copy and paste an entire problem into an assignment or test, with the attribution “Source: accountingworkbook.com”, or “Adapted from: accountingworkbook.com”. 3.)

  3. Learn Accounting Online for Free

    The certificates include Debits and Credits, Adjusting Entries, Financial Statements, Balance Sheet, Income Statement, Cash Flow Statement, Working Capital and Liquidity, Financial Ratios, Bank Reconciliation, and Payroll Accounting. Click here to learn more.

  4. Accounting 101: Accounting Basics for Beginners to Learn

    Accounting is the process of systematically recording, analyzing, and interpreting your business’s financial information. Business owners use accounting to track their financial operations, meet legal obligations, and make stronger business decisions. Accounting is a necessary part of running a business.

  5. Courseware Designed To Enrich Student's Accounting Journey

    Assignable and gradable end-of-chapter content helps students learn to apply accounting concepts and analyze their work in order to form business decisions. Guided Examples These narrated, animated, step-by-step walkthroughs of algorithmic versions of assigned exercises provide immediate feedback and focus on the areas where students need the ...