10 Helpful Bookkeeping Tips

 

10 helpful bookkeeping tips:

  1. Find an accounting software you like, one that works well for your business and fully educate yourself on how to use it. Learn all the ins and outs so that you can use it properly and to its fullest potential. Accounting software programs are designed to help you manage your finances, and they offer a lot of helpful ways in order to do so. Don’t miss out on something it offers because you didn’t know about it.
  2. Stay on top of entering your expenses. Don’t procrastinate, maintain your records daily/weekly depending on your business’ needs. You don’t want to get behind and then get overwhelmed with the amount of data you need to enter.
  3. Save receipts and other important financial documents (like bank and credit card statements). They are essential in properly managing your business’ finances.
  4. Stay as organized as possible. Come up with a system to properly store receipts and other important financial documents both before and after they have been entered into your accounting software.
  5. Pay attention to the numbers/reports that your accounting software produces. Take advantage of those reports and analyze the numbers. Let what you find out guide you as you take your next step forward.
  6. Be efficient while recording. Don’t rush, take your time writing things down clearly. When you go back later to enter it into your accounting software, you will be glad you did.
  7. Plan ahead. Save for big expenses you forsee in your company’s future.  Save for taxes too, April 15 comes every year!
  8. Ensure that your employees have filled out all of the necessary paperwork at the state and federal level.
  9. Review your work to ensure accuracy and avoid miscalculations.
  10.  If you have made it to the end of this list and you are feeling completely overwhelmed, perhaps outsourcing your bookkeeping is the way to go. Accounting By The Books would love to help take this off your plate in order to make room for something else. Contact us today to set up an appointment.

 

Tiffany Goodin,

AccountingByTheBooksNC.com

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  1. […] similar in my “10 Helpful Bookkeeping Tips” post. (If you missed that post, you can read it here.) However, Michael Plaks makes a few more points, that I didn’t mention, that are very important. […]