Some business owners love going over their books. That way they can see how well the business is doing. Others do not like dealing with the numbers and can get more caught up in the day to day business operations. In doing so, they may neglect their bookkeeping. Whether they love it or hate it, good accounting practices are essential to the success of their business.
This article from fundera.com highlights 9 accounting tips that you need to pay attention to in order to stay on top of your business accounting needs. Please enjoy the article and email me at firstname.lastname@example.org with any questions you have.
Source: fundera.com | Re-Post Scott Meister 10/25/2018 –
There’s no shortage of details to consider when you’re a small business owner. Getting the back-office basics of your small business accounting practices in order early on – tracking revenues, expenses, and costs – will keep you out of the weeds of paperwork and cash flow snafus, and onto the important work of growing your business.
“You can get away with doing your own bookkeeping and accounting when you first start out,” says New York-based CPA Maggie Kirkendall. “But once you’re ready to file tax returns you often realize you didn’t know enough or didn’t want to spend enough time to figure it out, and that’s when I suggest getting a bookkeeping or accounting service to help you maximize any tax advantages.”
Fees can be “atrocious,” she concedes, so in the meantime consider automating your small business accounting practices with one of the many finance software applications available to you, such as Xero, QuickBooks, FreshBooks or Wave. Go with the software that best suits your needs, like having cloud-based access or user-friendly iPad apps.
Bookkeeping is a necessary chore of all businesses, helping you manage your operations and prevent an audit by giving the IRS what they need. To keep moving toward your long-term goals and improve profits, get your small business accounting practices in order with these essential tips:
Author: Scott Meister, CPA
I help small businesses, accountants, bookkeepers, office managers, and business owners with their accounting needs. I’ve used QuickBooks since 2002 and train folks on how to use it efficiently. I create high-quality video training tutorials for QuickBooks and post them on QBScott.com.
Certifications include: Certified Public Accountant (CPA) | Certified Bookkeeper (CB) | Advanced Certified ProAdvisor for QuickBooks Desktop | Advanced Certified ProAdvisor for QuickBooks Online | Certified ProAdvisor for QuickBooks Enterprise | Certified ProAdvisor for QuickBooks Point Of Sale