Below is our advice for small businesses starting out, not knowing what to do in terms of accounting. We know it can be tough starting out, especially dealing with something you’ve never had to deal with before.
Make sure to keep it simple when you start out. Use a simple cash book where you enter the figures once. This method is simple as it’s a simple record of income and expenses on a spreadsheet.
Make sure to record the dates of transactions and also describe the transaction for your knowledge in the future. Keep it brief, no need for too much information!