BAS Provides Accounting Insights at CHYE

For most, the summer is about taking it easy – a brief respite from the usual hectic pace of our everyday lives. But some 30 young business owners and soon to be entrepreneurs are going full steam ahead, using the summer to jumpstart their big ideas. This Wednesday, they met at the CHYE Think Space for a workshop on Accounting 101 for Businesses, presented by Dovid Roitblatt of Better Accounting Solutions.

The event was organized by Crown Heights Young Entrepreneurs (CHYE), a group founded by Rabbi Yehoshua Werde to empower local career-minded youth with the tools and skills needed to succeed professionally and personally. “This is exactly what CHYE is about,” said Werde, “One small business owner sharing his expertise with others. I’m so grateful that Dovid agreed to do this. When we work together, everyone wins.”

For participant, Mendy Cohen, just being in a room with so many other Frum, ambitious men and women was a huge inspiration. “You can go to classes anywhere, but it’s different when you’re in a setting that your comfortable with,” Cohen explained, “There is nothing more valuable than being with your own people, with similar upbringings and backgrounds, and sharing experiences together. We can learn a lot from each other.”

Couldn’t make it to the event? Here are 3 key takeaways:

Take the Guesswork Out of Business

Get to know your Balance Sheet & Income Statement – take a good look at them at least once a month. Knowing exactly where your money is coming from and where it is going, makes it easier to allocate your time, money and resources properly.

Keep Your Business & Personal Accounts Separate

This is probably one you’ve heard before, but it’s worth repeating. If you’re investing your own money into the business make sure you’re tracking every dollar that goes in. This is especially important if you’re in a partnership or plan on bringing in investors – it can get messy really quickly. Finally, don’t use company money for personal expenses, that’s a sure way to mess up your reporting (see #1).

Do it Right From the Start

Make sure to get your books set up correctly from the start – it’s worth investing in a professional to help get you started. It’s a HUGE headache to try to go back and correct it later on.

Better Accounting Solutions is proud to provide comprehensive and flexible Small Business Accounting Services in the New York City area. They specialize in helping small businesses without a full-time accountant manage all of their accounting needs on a part-time, when-needed basis. For more information visit www.betteraccountingsolutions.com, or like them on Facebook for more great tips like this at facebook.com/betteraccountingsolutions.

In an effort to provide Jewish business owners, aspiring entrepreneurs, and career-minded individuals with tools they need to realize their quests, CHYE offers various programs in the Crown Heights community. Recordings and more information from the events can be found their website at www.chye.info