Bookkeeping for small business is not a major hurdle but for the majority of small business owners it gets put off just because running your business has to take priority. Finally, it comes to light that all the receipts are lost or incomplete disarray. Sorting it out is a real chore.
But is there an easy way to do bookkeeping for small business?
And what do you need to keep for the tax man?
Follow these 5 easy steps and you will be in control!
- Designate a Specific Time for Bookkeeping Each Week
It’s obvious that accurate and timely record keeping is paramount to ongoing business success. However, if you’re faced with customer relations and day-to-day tasks, it’s easy to neglect these concerns and put them on the back burner. Rather than continually put off and then stress over your books, one easy-to-implement strategy is to schedule a specific time each week for these tasks.
- Keep Business Transactions in a Separate Business Bank Account
While the notion of separate finances between personal and business expenses seems obvious, many small business owners don’t get the memo. Opening a business account ensures all your business-related expenses are ready-at-hand with no confusion.
- Create a Receipt Storage System
While there is no one right answer to this task, there are several strategies you can take to make receipt filing and storage easier. These include the following:
– Folder-Based Filing for Each Year and Specific Subject
– Scanning Procedure with a Similar Filing Process
– Digital Filing Process for Electronic Receipts
- Get a Professional Bookkeeper to Help
You’re a small business owner who is passionate about what you do. You spend your time and energy pursuing that passion to showcase what you do to your customers. And you work hard to become a preferred choice for each of your customers. Here are all the great advantages you’ll enjoy by letting a professional bookkeeper handle your receipts-
• Significantly More Time to Focus on Your Business
• Potential Savings through Outsourcing
• Higher Accuracy in Records and Related Financial Matters
- Use an Integrated Finance Software Solution
Current technology options afford an impressive amount of options when it comes to small business finance. In fact, many cloud-based accounting and finance solutions can integrate your operations into one easy-to-use platform.
For many small business owners, this type of solution provides an amazing advantage to streamline bookkeeping operations while reducing costs for an even more efficient process. And as any small business owners know, this type of savings can help your business succeed even more. Outsourced bookkeeping services is also a great solution for start-ups.