One of the most important aspects of running a small business is keeping accurate and up-to-date records. Bookkeeping may not be a very glamorous task, but it is essential in order to maintain a clear financial record of your business.
There are many different bookkeeping methods and software programs available to make this process easy, so it is important to find one that works best for you and your business. Cloud Accounting tools like QuickBooks and Xero automatically import your sales data from your point of sale system or e-commerce platform. They can also track any payments that you receive. This can save you a lot of time, and it can also give you a more holistic view of your business’s finances. As an Elite Quickbooks and Xero ProAdvisor we get to access to the absolute lowest wholesale prices on QBO and we pass those savings on to our customers.
Here are a few tips to keep in mind when embarking on your small business bookkeeping journey:
- Keep accurate records from the start
This may seem like an obvious tip, but it is important to keep track of all income and expenses from the very beginning. This will save you a lot of time and headaches down the road.
- Stay organized
Having a system in place will make bookkeeping much simpler. Whether you use paper or digital records, be sure to keep everything neat and tidy.
- Don’t procrastinate
The sooner you enter data into your bookkeeping system, the more accurate it will be. This is especially important if you have employees or contractors who need to be paid on a regular basis.
- Keep good records of receipts and invoices
This will come in handy come tax time. Be sure to save all documentation related to your income and expenses.
- Understand your bookkeeping system
Take the time to learn how to use your bookkeeping software or system. This will save you a lot of frustration down the road.
Still not sure?
Bookkeeping may not be the most exciting task, but it is essential for any small business. But don’t worry. Our expert accountants at CPA4IT are here to help you every step of the way. We are a full-service accounting and bookkeeping firm serving small businesses. We offer a wide range of services including bookkeeping, tax preparation, payroll, and more. Contact us today for a free consultation!
