“Should I hire a bookkeeper or do my own bookkeeping?” That’s a question I heard many times while I was working as a Staff Accountant for a local CPA firm.

It’s amazing how often a business structure gets started without the owner(s) first answering this very important accounting question, because the reality of being both a business owner and doing your own business books can be overwhelming if you are not well prepared.

Doing your own accounting could actually be the best thing for you to do! Just as long as you are well aware of all of the details that go into following the proper accounting procedures.

While bookkeeping 101 will provide you with helpful information on everything from setting up a chart of accounts  better understanding your balance sheet and profit and loss statemnets. For example, did you know that the accounts payable account is used to record the bills of a business that are outstanding and is also referred to as A/P which is Accounts Payable for short? Or that accounts receivable is the term that bookkeepers and accountants use to refer to the outstanding money that is owed to you for sales that you have already made that haven’t been paid for yet? There is much to be learned on the 101 page.

• The basic accounting forms page is a great resource of free accounting templates and tax deduction lists for an easier tax time. The free bookkeeping forms, excel & Quick Books  templates you find here should be very helpful. Please feel free to go ahead and download and/or copy any of the bookkeeping templates you find on the forms page.