Managing a small business is tough work! You’re responsible for all the details, from leasing and inventory, to sales and marketing, to hiring and firing. It’s easy to feel overwhelmed when you’re keeping tabs on all the different aspects. That’s why developing a solid bookkeeping strategy will help you to stay on track, and your small business to thrive. Here are our top tips for small business bookkeeping.
Small Business Bookkeeping Tips!
Separate Business & Personal
This is one of the most important bookkeeping tips! Even if you’re the sole employee, mixing personal and business transactions can make bookkeeping an absolute nightmare. You must treat your business as a viable entity. This means maintaining separate checking accounts, opening a business credit card, and establishing an LLC for your small business. Failing to separate personal from business finances may indicate to the IRS that your business is instead a hobby. In the event of an audit, this tip will keep you out of the IRS web.
Prioritize & Review Your Books
As a small business owner, it can be tempting to get caught up in the “fun” of running the business while forgetting to focus on the books. According to many successful entrepreneurs, reviewing your books on a weekly basis will keep you updated on the state of your business. This also allows you to monitor and evaluate weekly expenses incurred by the business. You will be able to analyze any issues that may arise, and keep control of your numbers. If you’re struggling to make time for your books, it may be worthwhile to hire the services of a professional bookkeeper. (See below for more details on the bookkeeping services we offer).
QuickBooks, QuickBooks, QuickBooks
Cloud-based accounting is the most efficient, organized way to handle the basics of small business bookkeeping. Using reliable software allows for easy recovery, and makes it simple to return to a specific date or incidence. QuickBooks also has the option of an app so that you can keep an eye on your finances at any time. You’ll love the receipt capture functionality, so you can do away with the shoebox of receipts under the bed! QuickBooks allows you to invoice and receive payments, track your GTS, and instantly report on your business finances. Call to schedule a QuickBooks training!
Call In The Professionals!
An expert in bookkeeping and accounting can set your system up for success from the very beginning. Even if you’re a professional bookkeeper, you may want to hire a consultant to review your books and indicate any errors or issues. Briggs’ Business & Tax Services offers accounting services tailored to your small business bookkeeping needs. Manage your business finances with the help of a professional team made up of accountants, CPAs, and bookkeepers to streamline your accounting needs. From payroll account management to deposits and credit transactions, our team of professionals can help refine your small business bookkeeping.
Even the most profitable of business can fail due to incorrect bookkeeping. If you need assistance in setting up crucial bookkeeping strategies schedule an appointment today!