If you run a business, you need to mind your bookkeeping Ps and Qs. That’s no easy task, and you may want to connect with professionals such as the Fort Lauderdale accountants of Sterling Accounting.
In fact, that’s one of the best tips we have for keeping your bookkeeping in line. But we Fort Lauderdale accountants aren’t alone in that tip, and there are a number of other ways to make sure your books are balanced.
Here are a few ideas from online finance site Kabbage.
Find a good advisor
As mentioned before, this is a crucial step. According to Kabbage, “They can teach you how to handle your books properly, answer any questions and fix any mistakes that might have been made. There are many options out there for accountants, so don’t worry if you have a small budget.”
Separate personal and business accounts
It can be tempting, especially if your running a small business of freelance business, to mix your accounts. After all, the money’s ultimately going to the same place.
But don’t do it.
“It’s a lot easier to keep accurate records if your only dealing with one type of account, so stay organized,” Kabbage points out.
Set aside money for taxes
You don’t want to get hit with a big one-time expense if you can avoid it. That’s a good reason to set aside money each month for taxes.
“If you keep track of your financial records properly you can be prepared for year-end taxes. Setting aside a little bit of money each month towards paying your small businesses taxes you won’t have to cutback at the end of the year or get a loan to pay your taxes, you will already be prepared,” according to Kabbage.
Pay your bills on time
This may seem obvious. But if you aren’t organized, you can let your bills slip, and that can hurt the credibility and credit of your business. Be sure to keep track of your payment receipts as well.