10 Need to Know Tips for Business Owners

Keep Personal and Business Accounts Separate

While this one sounds really easy, many new business owners just do not get this or merely take it as a suggestion.

Outsource to a Bookkeeping Professional

The best way to be certain your books are always taken care of is to outsource your bookkeeping. Bookkeepers can take care of so much more though, from cash flow management, Accounts Payable and Accounts Receivable solutions, profit advising, banking solutions, etc.

Build An Audit Trail

What is an audit trail? An audit trail is essentially a paper trail that shows where bills have been approved for payments, decisions are on paper and available to be viewed by an auditor when and if that time comes.

Track Cash Payments

Cash payments are just as important as electronic payments and checks. Every dollar needs to be accounted for.

Know Your True Business Expenses

Always know what it cost to run your business. You should keep a list of recurring expenses and know exactly what it takes to operate your business.

Budget For Tax Payments

Most business owners are required to pay estimated quarterly taxes. Those payments need to be accounted for and set aside for quarterly and annual tax payments.

Automate with a Cloud-Based Accounting Software

Cloud-based accounting software can definitely help to automate your bookkeeping. Our firm works exclusively with Quickbooks Online, but there are other solutions out there.

Create An Easy to Follow Record Keeping System

Create an easy-to-follow workflow of how you are keeping your records. These workflows can be on paper or electronic. Start simple and let your system expand as your business grows.

Make Your Books a Priority

If you don’t make your books a priority, who will? Even if you have a bookkeeper, it’s best to still review your finances at least on a weekly basis.

Use a Project Management Tool to Track Important Deadlines

There are tons of deadlines and dates to remember when you are a business owner. These include filing annual reports to the state, tax deadlines, payroll dates, etc. Use a project management tool to track all of your important dates and deadlines.