Life’s Work

Life’s Work – Business – Knowledge – Accounting

It is essential to establish an accounting structure that both complies with current tax law and allows for information to be readily available in an easily managed format for management. Many organizations fail because discovery of essential information comes too late. The first, and most important step, is to establish accounting policies that provide all the necessary information on a timely basis. Next, set up purchasing and inventory control policies. Credit and pricing policies are also essential to the success of any venture. The next few pages will help with this assessment.

After completing these pages, review the capitalization methods. Most businesses will need an operating history before capitalization can be considered. Keep in mind, seventy percent of businesses begin with capitalization from friends and family.