{"id":4467,"date":"2016-04-04T10:47:30","date_gmt":"2016-04-04T15:47:30","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/smallbusiness\/business-finances\/the-basics-of-accounting-for-small-businesses.html"},"modified":"2024-06-06T04:23:20","modified_gmt":"2024-06-06T09:23:20","slug":"the-basics-of-accounting-for-small-businesses","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/smallbusiness\/business-finances\/the-basics-of-accounting-for-small-businesses.html","title":{"rendered":"The Basics of Accounting for Small Businesses"},"content":{"rendered":"\n
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The Basics of Accounting for Small Businesses<\/h1>\n
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Created by FindLaw’s team<\/a> of legal writers and editors<\/i><\/p>\n\n | Last updated\n

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In today’s competitive market, there are many strategies to get ahead and grow your company’s profit margin. In order to properly grow your company, you’ll need to understand the basics of both accounting and bookkeeping and how they interrelate to help your business. Follow along as FindLaw takes you through the basics of accounting for your small business.<\/p>\n

Bookkeeping vs. Accounting<\/h2>\n

Bookkeeping and accounting are often mistaken as serving the same purpose. In the larger sense, this is correct, as both bookkeeping and accounting<\/a> aim to assist businesses grow in a financially responsible manner. However, when you take a closer look, you’ll see that bookkeeping and accounting are two separate tasks<\/a> which share a symbiotic relationship. <\/p>\n

Bookkeeping primarily entails:<\/p>\n