Bookkeeping Basics to Keep Your Small Business’ Finances Balanced
When it comes to your small or start-up business keeping those books balanced and your finances in order is one sure-fire way of achieving and maintaining success, whatever industry you reside in. But bookkeeping can leave many business owners stumped, landing them in hot water, fast.
Here at Hurren Accountants, we pride ourselves on offering the very best advice when it comes to bookkeeping and business accounting. Check out our 5 simple bookkeeping rules and keep your company on the path to small business success and more!
Separate Your Personal and Professional Expenditure
For companies of all sizes, knowing the line between business and pleasure is a must, and keeping corresponding finances separate can make bookkeeping a simpler task for you and your accountant. Whilst it may be easy to keep that business credit card handy, you will save yourself heaps of time by tracking your deductible expenses as you go.
Make Time for Your Bookkeeping Duties
Remaining on top of your financial responsibilities means making time for bookkeeping around your other duties, preferably on a weekly basis. Schedule in up to 30 minutes each week to take care of recent transactions and take an informed approach to your business accounts from the outset.
Rely on a Trusted, Qualified Professional
For many business owners with no experience of accounting, DIY bookkeeping is simply not an option. By recruiting a professional to handle your business accounts, you can leave your finances in capable hands. Reputable accountancy practices like ourselves are integral to the financial success of sole traders and start-ups to small businesses and large corporations, and offer a reliable, cost effective and time efficient solution for those looking for stress-free bookkeeping.
Budget for Big Expenditures
For many small and start-up businesses, there are a number of costs to consider, but one of the biggest and most important expenditures is your staff. Payroll, company benefits, overtime and other associated staffing costs are often an after-thought for those looking to take control of their business finances, but it is important to track and manage staff expenditure carefully to keep your books in order.
Keeping within your budget when it comes to staffing will not only give you more money to play with in other areas of your company, but also give you additional funds in the long and short term to re-invest in your employees through incentives and training.
Keep it Electronic
Electronically managing your books via recommended accounting software will not only make your accounts more manageable, but provide a more convenient solution for you when updating and tracking your accounts on a weekly basis. There are a number of bookkeeping systems available, all of which can be used to save you time and money!