Small business accountingKeeping your small business accounting records up to date is crucial for the success of your business. Following correct bookkeeping practices can make managing your small business’s money easier, and allows you to accurately keep track of your finances. Below are 5 crucial tips for your small business accounting.

  1. Weight the options between do it your self and outsourced bookkeeping. Can you handle your small business accounting yourself. or do you need help? Even if you are able to handle your own bookkeeping, it may not be worth your time. Hiring an outsourced bookkeeper is less expensive than you may think, and frees up time for you to promote your business. Whether you do it yourself, or hire someone, make sure the person handling your books knows what they are doing.

     

  2. Keep receivable payments separate from borrowed funds. This allows you to keep track of where your money is coming from. This will help you come tax time.

     

  3. Keep track of daily expenses to help you budget for the future. When you keep accurate records of your daily finances, you can see where you money is coming from and going, and allows you to budget for the future.

     

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  4. Collect those unpaid balances. Don’t let unpaid invoices slip through the cracks. This hurts your bottom line. Don’t ship new products/services until old invoices are paid.

     

  5. Calculate your monthly minimum profit. Knowing how much you need to make a month to stay afloat is important. Figure out how much you need to pull in each month to keep your business running.

Need help with your small business’s accounting? Call STL Tax at (314) 645-1614 today!