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It is imperative that you establish a record keeping system before the doors of your business open. Accurate books and records are essential for business planning and useful to management in making informed decisions. Don’t wait until it’s too late and get help if you need it.

Bookkeeping Vocabulary

Accounts Payable: A record of amounts owed by your business to creditors.

Accounts Receivable: A record of amounts owed to your business by customers.

Balance Sheet: A statement that states the balance in all accounts on a specific date.

Chart of Accounts: Serves as an index to the general ledger.

Fixed Ledger Assets: Contains records for all real and personal property owned by the business.

General Ledger: Contains balances of all accounts held by the business.

Income Statement: A statement that summarizes revenue and expenses for a specific period.

Journal and Cash Disbursements: A record of written checks.

Payroll Register: Summarizes payroll data, including wage withholding, FICA, and unemployment insurance taxes.

Purchases Journal: Includes information on materials purchased.

Sales and Cash Receipts: Used to record all incoming cash.

The record keeping needs of your business must be analyzed to determine the best bookkeeping system.

Closing and selling a business should be a planned event. Planning puts you in the leadership role.