Bookkeeping is the lifeblood of any healthy business. Find our top 5 bookkeeping tips for small & medium businesses (get our 2 bonus tips as well)
Watch Your Receivables
Nothing can hurt your business like owed bills. Focus on making sure that monies owed to are coming in on time and on a regular basis. This affects cash flow, planning and growth.
Pay Attention to Invoices
If credit is important to your business (and it should be), then making sure to pay your supplies, service providers & Government on time should very well be a priority. Besides, every missed bill comes might result in extra fees.
Business VS Personal Accounts
Maintaining company finances different from your individual finances is essential. Keeping company and individual different makes it easier to maintain records, aid with company books as well as decrease time invested in the task of bookkeeping. If you currently do not have separate accounts; Do it now.
Keep an Expense Account
Business should have the ability to cover small costs such as office supplies, as well as maintenance expenses, but additionally significant expenditures like repairs, maintenance & larger Capital Expenses without needing to take away from your business cash flow. Scheduling a monthly pool of money for expenses just makes good sense.
Managing a Tax Fund
Likewise, creating a different fund for your tax settlements makes good sense. Putting cash right into a committed tax account often, based upon projections, benchmarking and trends, will prove invaluable.
NO Cash Accounts
If you rely on cash often; then most likely you are missing out on deductions as some of your spending is being lost. It is always easier to keep track of expenses with credit and/or debit cards.
Get Great Advice
Good Bookkeeping, Accounting & Tax Advice is a must for any successful businesses. LW Accounting Services help our clients in keeping great records, correcting errors, automating redundant tasks and providing our clients with top notch business Advice. Contact Us Today
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