– BY MADDIE CRAIG | 2023
Bookkeeping is essential in order to keep your small business up and running smoothly.
5 Tips to Help You With the Bookkeeping for Your Small Business!
Phew. Running a Small Business, means you wear a lot of hats.
If you don't have training in finance, you may be feeling the OVERWHELM when it comes to bookkeeping.
Bookkeeping is essential for your day-to-day financials, as well as your end-of-year reporting. But in the meantime, you have a business to run! It's hard to focus on the essentials if you don't know what they are.
Keeping accurate and up-to-date records is essential for any small business. This includes bookkeeping, tracking expenses and income, and maintaining a budget.
It makes for easier record-keeping if you keep your business and personal finances separate. This way, if anything were to happen to your business, you wouldn’t lose any of your personal assets.
There are a number of accounting software programs available that can make bookkeeping easier for small businesses. These programs can track expenses and income, create invoices and receipts, and more.
Don’t forget to claim all allowable tax deductions for your business! This reduces your taxable income, increases your take-home pay and helps reduce your risk of an audit by the IRS.
Lastly, but perhaps most importantly, don’t be afraid to ask for help! Outsource your bookkeeping when it becomes too hard to handle. That’s what we’re here for!
Small Business Bookkeeping Checklist
⧠ Budget Your Time & Income. (Use a time-tracker like Toggl). Record your Expenses.
⧠ Separate your Personal $ and Business Money. Build a wall.
⧠ Upgrade from physical Books to Bookkeeping Software Programs. We use Quickbooks online for the majority of our Blue Cypher clients.
⧠ Record Your Deductions. Record Your Deductions. Record Your Deducions.
⧠ Ask for Help with the heavy lifting (both with actual heavy things and bookkeeping.
