Finance No need to audit home-based business

Alexandoy

VIP Contributor
A home-based business is usually a small business by a budding entrepreneur. The highly suggested type of home-based business is one that would have an ending in the day. One example is the traditional lemonade stand. You prepare the lemonade in the morning and at the end of the day you can compute for the sales and profit. The accounting book will be closed, so to speak.

IMG_8089 eatery.JPG
Other home-based business that ends every day are…
1) Barbecue stand
2) Cooked snack food
3) Cooked desserts
In the morning you will need the capital to buy the needed ingredients and other items needed in preparing your product. You sell it for the whole day. At night you could easily see the figures – the total sales, the total expenses, and the profit. This type of business is as easy as pie.
 

Mika

VIP Contributor
If your home based business is big, you need to everything that is being done by big businesses such as registration, paying tax, book keeping, and auditing. However, if your home basd business sell to just few customers and make little money, you can maintain your finance record on a day book and no need to audit your accounts.
 
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