Bookkeeping may not be the favorite activity of a small business owner, but having well kept financial records will pay off time and time again. Keeping good accounting records will save you time, hassle, and make sure your cash flow is what you expected.

Here are 5 bookkeeping tips for small business owners:

  1. Plan for Major Expenses: You probably already plan for regular expenses such as rent or lease, supplies, payroll, etc. What many business owners don’t plan for is major expenses which will occur down the road. You may need to upgrade your equipment, move to a bigger location, or hire new employees. With proper bookkeeping and planning, you can make sure you have the funds available to cover major expenses without breaking the bank.

     

  2. bookkeeping for small businessesTrack Your Expenses: Most business owners are sure to keep records of their major expenses, but plenty of owners are not so vigilant when it comes to the smaller expenses. These expenses add up, and could cost you valuable tax deductions, so it is always good to keep track of all your expenses. Paying with a business credit or debit card makes this easier to track than cash.

     

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  3. Keep Accurate Deposit Records: You probably make a variety of deposits to your business bank account throughout the year such as customer payments, loans, and cash infusions from your personal funds. If you don’t keep track of your deposits, you open yourself up to paying tax on funds that are not income.

     

  4. Set Aside Money for Taxes: You know you will have to pay taxes, and if you keep good bookkeeping records, you have a general idea on how much you will have to pay. Set aside some money for tax time so that way you are not scrambling to pay your taxes. If you end up paying your taxes late, you will pay more in interest and late fees.

     

  5. Keep Track of Your Invoices: Unpaid invoices hurt your cash flow. Keep track of your invoices – when they are due, when they are paid, etc. Have a plan to deal with late invoices.

     

If you need assistance with your business’s bookkeeping or accounting, call STL Tax at (314) 645-1614.