Six Helpful Bookkeeping Tips for Small Businesses
June 23rd 2021
Six Helpful Bookkeeping Tips for Small Businesses There's never a better time to start getting organized for the next tax season! Keep reading to view some of our tips on how to get your bookkeeping in order and avoid missing out on all those awesome small business deductions:
Six Helpful Bookkeeping Tips for Small Businesses:
- Plan for major expenses: Look ahead and be honest about the potential expenses that could be coming up for you & your business in the next 1-5 years. From this, create a financial plan that allows for some realistic wiggle room.
- Track your expenses: Avoid missing tax write-offs by taking notes on things such as car mileage, client meals, office equipment and so on! Utilize a business-specific credit card to track and keep your expenses separate.
- Record Deposits: A pocket notebook, an Excel spreadsheet or financial software can help you track any loans, sales revenue & cash infusions from your personal savings.
- Set Aside $ for Taxes: Systematically put a set percentage of money aside each month, or each time a contract is paid. Put it in a separate bank account to avoid spending it.
- Don't let unpaid bills hurt your cash flow: Put a process in place for what to do if a bill or bills are unpaid.
- Consult a professional: If possible, try consulting with a professional bookkeeper regularly or semi-regularly to make sure that you're staying on track and not missing anything that could help or harm your business finances. If there are any major changes to your business, a bookkeeper could help guide you through how any changes might affect your business financially.
By implementing these bookkeeping tips into your small business's financial plan you will be on track to successfully reach your financial goals and ensure that you have a solid backup plan to handle unexpected circumstances with ease!
Wanna read more helpful small business tips? Head over to our instagram @barterpayniagara or click here to view one of our many blog posts on a variety of small business-related content!