Small Business Accounting and Payroll Basics

Kody Wirth

Kody Wirth

Kody Wirth

2 min. read

Updated April 11, 2024

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Accounting is not the most exciting part of starting a business. But it’s vital to your success.

It ensures you track every expense early on and keeps you on top of tax obligations. 

But you’re likely not an accountant. How are you supposed to set up a bookkeeping system that’s accurate and easy to use? 

With this guide, you’ll learn the basics of setting up and managing accounting and payroll activities for your business.

*Disclaimer: The content of this page and all associated resources are general information and advice. It should not be seen as a substitute for working with a certified accounting professional. 

What is small business accounting?

Accounting is an organized process of recording, analyzing, and reporting the financial transactions of a small business. It helps business owners understand their financial position, make informed decisions, and fulfill tax obligations. 

Accounting basics for small business

Become familiar with small business accounting processes, tools, and services.

What is payroll?

Payroll covers the total wages and salaries a business pays its employees, including taxes and benefits, for a specific period. It also refers to the process of calculating and distributing these payments.

Payroll basics for small business

Here is everything you need to know about setting up a payroll system.

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Content Author: Kody Wirth

Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.