Few people go into business with expertise in accounting. But business owners soon find out how important staying on top of the books is.
That’s where these accounting tips can help your business succeed.
Separate business, personal Books
One temptation, especially when you’re just starting out, is to mingle business and personal finances.
Don’t give in to the temptation. “Having a dedicated business bank account, including checking and a credit card, saves you precious man-hours when it’s time to tally up deductible expenses,” writes Fundera.
Another accounting practice that’s hard to get used to, but essential, is keeping track of all your expenses.
“Use your business credit cards for all purchases and you won’t end up with a wallet full of paper receipts to sort through. This also means you can earn rewards or cash back for your spend. But when cash is your only option, file digital copies of receipts to your accounting software,” according to Fundera.
Dedicate time to accounting
Of course, doing things like tracking your expenses is something that takes time. As a business owner, it’s your responsibility to give the time necessary.
“Block out weekly time in your calendar to get necessary paperwork in order and avoid letting receipts and invoiced receivables pile up,” Fundera reports.
Know when to get expert help
Starting a business doesn’t make you an expert bookkeeper. But there are experts available to help you succeed in this important function.
As we say on our website:
With over 15 years of experience, Sterling Tax & Accounting Services located in Wilton Manors, Florida, can take the following off of your hands: Accounts Receivable, Accounts Payable, Accounts Reconciliation, QuickBooks® Set Up and Training, Small Business Payroll, Processing Small Business Quarterly Tax Reporting, Annual Government Filing, & Financial Statements. Sterling Tax & Accounting Services provides bookkeeping services to help you with your small business accounting using QuickBooks® business accounting software. We offer everything from basic bookkeeping to bookkeeping courses for those small business owners who want to take care of their bookkeeping themselves. We also offer notary services for small businesses. If you are ready to reclaim your nights and weekends, contact Sterling Tax & Accounting Services for customized and affordable bookkeeping services by email or phone.