Bookkeeping Tips for Small Businesses

Business financial records are scorecards of how well the businesses ae performing. Many small businesses that don’t keep accurate financial records have gone down and yet they could probably be blossoming if they had proper records. Many people find it cumbersome to keep financial records, and that is the reason why we are going to look at some bookkeeping tips for small businesses.

Separate your personal and business finances

mixing business and personal finances is something that people have to look out for, and especially in small businesses, since it could lead to tax headaches in the future. The business should have its own bank account and credit cards so that the credit rating is different from your personal credit rating.

Automate whenever possible

Using bookkeeping software is bound to make the process simpler, since when done manually, it is tedious. There is plenty of cloud based software that even comes with backup, online banking software, and account synching software to ensure everything is updated.

Do a weekly checkup

Most people find number boring and will therefore put them off or postpone them for as long as possible. This leads to unbalanced books, bouncing cheques, unpaid invoices, among other things, that are long overdue. Books should be reviewed at least at least on a weekly basis to ensure that everything is okay. Drawers full of receipts can be very confusing.

Do a quarterly checkup

In order to identify trends, quarterly checkup of the financial records should be done so as to establish whether they are positive or negative. This is important if you have things like clients that delay payments, rapidly rising or declining sales, purchase of new equipment, hiring of new staff, and many more.

Use time tracking software to monitor and record your employees’ hours

Using cloud based time tracking software to monitor and manage employees is also important. This software can be accessed on their smartphones, tablets or computers, and can help manage overtime, vacation time, sick time, etc. going for something that integrates with the bookkeeping software could make it easier when processing their payrolls.

Get professional help with the bookkeeping

One other way is to leave it to the professionals, or have them check in occasionally even if you have automated software. Professionals can also advice on the best software for your business and even train on how to use it.

Bookkeeping Services

Bookkeeping Services

Irena’s XERO Bookkeeping, Sydney

Picking up after the last point above, we are going to take a look at Irena’s XERO Bookkeeping Services Alexandria. They are professional bookkeepers that use a variety of software platforms like Xero, MYOB, Quickbooks and many more. They handle bookkeeping needs for small and medium sized businesses, identifying, reporting, and implementing efficiency improvements. Some of the services on offer include:

  • Set-up and data entry
  • Accounts Payable
  • Accounts Receivable
  • Inventory Control
  • Month and Year End Accounts
  • Monthly and Annual Reporting
  • Bank and Credit Card Reconciliations
  • Debt collection
  • Invoicing
  • Manual Bookkeeping
  • Filing and Administration

They come to your business at your convenience based on the size of the business, and they can come weekly, monthly, or even yearly, offering flexibility and convenience to the business. They offer free quotes, appointments, and consultations. Amanda Mckenzie is always on call for any queries.

Summary

By following the tips above, it will be easier to manage your bookkeeping and accounting records. It would also be good to have a professional bookkeeper like Irena’s Bookkeeping come in every once in a while to ensure that your records are in order.