Tips For Small Business Bookkeeping
Get a handle on Bookkeeping.
As a small business owner, your job is not easy. You’re already challenged enough by all the hats you wear without the added stress of record keeping and paperwork management. But since proper bookkeeping is absolutely vital to the success of any business, large or small, you may find yourself begrudgingly smashing the ‘Bookkeeper’ hat on your head and diving headfirst in to yet another grueling task.
Follow these tips to make this essential aspect of business as efficient and easy as possible.
Automate
Take as much off of your plate as you can by utilizing automated programs to handle your bookkeeping. Cloud-based bookkeeping software will save you from wasting valuable time poring over spreadsheets. Find one that meets your needs and keeps your critical financial data securely backed up. Additionally, use online banking for your business. Your bookkeeping software can be synced with your business bank account to provide you with updated and accurate financial records.
Record All Business Expenses
It is vitally important to maintain detailed records of every business expense you anticipate claiming. Instead of filling a filing cabinet with paper receipts, scan and store your receipts digitally for better organization and to save time. To simplify the expense tracking process, use a specially designated company card for every business purchase.
Do A Weekly & Quarterly Review
It’s wise to review your books once a week to stay on top of finances. Choose a day of the week to monitor invoices, checks, payments, and other financial information as it comes and goes. Every quarter, perform a more detailed and in-depth review to identify trends such as revenue increases and declines, late-paying clients, and other crucial data.
Utilize Employee Time Tracking Software
Do away with the time consuming process of tracking employee time, PTO, overtime, and more with a time tracking software that allows your employees to clock in from their smartphone or computer. Not only is this more efficient for your employees, it also saves you the hassle of manually tracking and managing employee hours and payroll.
When All Else Fails…Contact Brevard’s Bookkeeping Specialists
If you’re in over your head, get help from a professional accountant. Someone who knows the world of business numbers will ensure you aren’t missing anything important, and save you from major headaches down the road. Here at Alron Bookkeeping, Inc., a subsidiary of Alron Enterprises, Inc., we simplify accounting for you, so that you can focus on what matters most: growing your small business. Let our bookkeeping specialists handle your accounts and put your mind at ease. Contact us at 321-951-7626 or by emailing [email protected]. We look forward to working with you!