Business Accounting Guide: (+ Free Samples & Courses)

business accounting

Finance management does not have to be the torment of your working life. Neither does it have to distract from the personal motivations for starting your business in the first place. This is the essence of business accounting. Meanwhile, keep reading to get a complete knowledge of business accounting. As well as knowledge of eBay business accounting, business accounting jobs, salary, and course.

Rather than that, the principles of small business accounting simply come down to a few key principles and three important reviews: the balance sheet, income statement, and cash flow statement. While this may appear to require the services of a professional accountant, the reality is different.

Moreover, the following accounting checklist sets a recommended timetable for accounting operations. That will help you learn the condition of your company and simplify your personal tax. Furthermore, because of the high demand for accountants in the financial sector, business accounting salaries seem to be high recently.

Business Accounting

Whether you’re the happy owner of a new company or in your tenth year of moving up the ladder, you may be thinking, “what is business accounting?” However, a basic concept of business accounting is as follows:

Business Accounting is the process of collecting and analyzing financial data about their operations, recording transactions, and creating financial statements.

Accounting is important in business for a number of reasons. Keeping track of each of your assets, liabilities, inventories, and other records can help you in attracting investors. As well as protecting your assets from theft, and finding opportunities to build or expand your business. Meanwhile, the main responsibilities of small business accounting are bookkeeping, tax preparation and filing, and financial report writing.

Through business accounting, you can improve your money management and make more intelligent business decisions. To save money, many small business owners take on accounting themselves in the early stages. If you find yourself in a similar situation, it is important that you have a good understanding of the principles of business accounting.

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eBay Business Accounting

If your eBay sales have exceeded the capacity of your spreadsheet software, it’s time to upgrade to accounting software. Businessyield.com compares the best online retailer software options, including Xero, QuickBooks, and GoDaddy.

From inventory management to sales tax tracking, eBay sellers manage a lot of figures. However, if you earn more than $400 per year selling on eBay, you are regarded as a small-business owner for tax purposes, which means you must report your business’s income and loss, which can be tough without a detailed, IRS-friendly record keeping. The good news is that you are not expected to keep your own books. Accounting software made especially for eBay sellers can manage this for you.

Factors to Consider When Picking Accounting Software for eBay Sellers

#1. Inventory

As is true of every retail business, inventory is important to the success of your eBay business. If you just sell on eBay, your inventory is usually rather low, and if everything is housed in a readily accessible location, you can manage inventory using a spreadsheet.

However, what if you sell using different platforms, such as Amazon? Or what if your goods is stored at a warehouse or delivery facility that is not on-site?

As your eBay business expands, you will almost certainly need to invest in inventory management software. Yes, this will cost you money, but it will save you hours of work and money in the long run due to inventory management problems.

When choosing accounting software for your eBay business, keep future inventory control requirements in mind. In an ideal world, your inventory management solution would connect with your accounting software; therefore, ensure that you use accounting software that simply connects.

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#2. Taxes on Sales

One of the primary advantages of owning an eBay business is the chance to reach clients throughout the United States and even the world. This benefit, however, comes with a cost—sales tax compliance.

Recent court decisions have sown confusion in the area of sales tax compliance. The United States has over 10,000 sales tax jurisdictions, and trying to comply with them all on your own is a terrifying situation for any eBay seller.

Fortunately, there are apps available to help. Avalara and TaxJar are both good choices for managing sales tax for your eBay business. Furthermore, Avalara and TaxJar will file and submit all high-selling tax returns and payments on your behalf for a small monthly fee.

Are you confused about whether you are required to pay sales tax in a given location? Avalara and TaxJar each contain a huge database of data on each state’s sales tax laws. Certainly, your accountant can guide you with this, as well as with other tax advantages associated with running a business in many states.

#3. Settings

Before you consider the top accounting software for your eBay business, there is one extra factor to consider. All of the accounting software tools we’re about to review — as well as the third-party apps offered for services not included in the main accounting package — provide an unequaled level of cooperation.

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The truth is, integration is everything but simple, certainly at first.

However, inadequate integration might totally destroy your accounting. Therefore, consider hiring a bookkeeper who specializes in eCommerce in general—and specifically in eBay—to help you with setting up your accounting software and integrating third-party app solutions. Even if you’re not ready to work with a bookkeeper on a long-term basis just yet, invest in their services when you first set up your accounting software. This will save you time and trouble in the future.

The Best Accounting Software for eBay Sellers

After reviewing some of the factors to consider when selecting the best accounting software for your eBay business, it’s time to show you our top options. These accounting solutions were chosen on their ease to use, their connection with third-party apps, or their available resources for constant help. Meanwhile, below are our top 8 accounting software for your eBay business.

  • Xero: Most affordable
  • Wave: Most affordable
  • GoDaddy Online Bookkeeping: Best for basics
  • QuickBooks Online: Best user experience
  • Zoho Books: Best automation
  • FreeAgent: Best for global sales
  • Kashoo: Simplest setup
  • Easy Auctions Tracker: Best eBay-specific spreadsheet
>> Learn more: Cloud Accounting: Simple Walk-through Guide For Beginners (+ free tools)

Business Accounting Jobs

Today’s professional accountants, whether they are forensic, tax, or managerial, have jobs that need a wide set of skills suitable to highly specialized roles. When the editors of the Journal of Accountancy said in 1912 that accountants are increasingly being viewed as “business physicians. They could not have imagined the wide number of accounting practice areas that would exist 100 years later.

According to the US Department of Labor, business accounting, and auditing, jobs in the United States are expected to grow by 4% over the next decade. Creating approximately 61,700 positions as a result of growth and turnover. Tax legislation and regulatory changes, as well as the expansion of the worldwide commercial enterprise. And increased financial controls, lead to increasing demand for qualified accountants in both the public and private sectors.

While business accounting jobs are based on uniform accounting practices, accountants apply these basic principles in many ways.

Government and Non Profit accounting jobs:

  • Fund Accountancy
  • IRS Jobs

Public Accounting Jobs:

  • Cost Estimator
  • Enrolled Agent
  • Forensic Accountant
  • Real Estate Appraiser
  • Accountant for Tax
  • Tax Attorney
  • Tax Preparer

Private Accounting Jobs:

  • Accounting Clerk
  • Accounts Payable/Receivable Clerk
  • Accounting Information System Specialist
  • Actuarial Accountant/Insurance Accountant
  • Bookkeeping
  • Budget Analyst
  • Capital Accountant
  • Comptroller/Financial Controller
  • Cost Accountant
  • Environmental Accountant/Sustainability Measurement
  • Payroll Accountant

Financial Services:

  • Business Valuation Specialist
  • Certified Financial Planner
  • Financial Analyst
  • Tax Consultant
>> Read also: BDO Accounting: All You Need To Know (+ Salary Details)

Business Accounting Salary

Generally, business accounting salary falls in the range of $71,550 in 2019. The best-paid 25 percent made $94,340 that year, while the lowest-paid 25 percent made $55,900.

Business Accounting Course

Accounting courses were included in the business degree programs, as are accounting specializations. Students may also select a degree in accounting and enroll in similar courses. These programs are typically offered at the associate’s through master’s degree levels and can be completed online or on the site of a regular college or university. Certain colleges offer combined bachelor’s and master’s programs in accounting, which often help students in preparing for the Certified Public Accountant (CPA) exam.

While both associate’s and bachelor’s degree programs typically cover the basics of financial and managerial accounting, intermediate accounting, and income taxation, bachelor’s degree students also study auditing and other advanced topics such as international accounting, accounting information systems, and forensic accounting. However, graduate students typically study many of these topics in greater depth and may specialize in areas such as taxation or auditing. General business accounting courses such as business law, finance, and economics are frequently included in programs at all levels.

The following are some of the most frequently discussed concepts in business accounting courses:

Accounting basics

Finance and reporting

Management of cash flow

Tax principles

Auditing of businesses

Business and morals

List of Common Accounting Courses

  • Foundations of Accounting Course
  • Managerial Accounting Course
  • Financial Accounting Course
  • Taxation Course
  • Auditing and Assurance Course

Conclusion

Accounting for businesses includes maintaining tough records of all revenue and costs. As well as accurately collecting financial data from business activities. However, it is an important factor that helps business owners properly tracking and managing their money. Especially during the early stages. Meanwhile, Aside from keeping you informed about your business’s history and current performance, business accounting, jobs, helps you in generating invoices and processing payroll. This is why business accounting salary goes high as the demand increases.


>> EXPLORE: ACCOUNTING


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