Let’s face it. As a new small business owner, all anyone wants is to have someone tell them exactly what to do when getting started when it comes to finances. With time, we have found a few bookkeeping tips that we feel will help you as you are getting started or as you continue to grow your small business.
Tip 1: Save for taxes- When taxes are due, if you have not saved enough for end-of-the-year taxes, it is sure to put you in a bad mood. Rather than feeling anxious when the time comes, you should ensure that you have saved enough throughout the year. If you have been in business for at least a few years, review each year's taxes in order to ensure you have a good baseline of what to save specifically for taxes. If you do not, talk with a bookkeeper to get perspective on your specific line of work and what others have done in that field.
Tip 2: Something will come up financially, so prepare- Capital within a business is often key to a business's success. Something will come up that needs to be a financial investment beyond the initial investment, and you should use your profits and prepare. You have to find the balance between putting back into the business what it needs to stay successful and saving what you can to prepare for the future of the business. Depending on your business type, this could even be a slow month of sales that you were not prepared for.
Tip 3: Stay away from cash if you can- When you choose the right accounting software for your business, you will find that it can track everything well, other than cash. When you use an electronic form of payment, you do not need to worry with receipts, because everything is done for you. This makes tax preparations so much easier with little extra work because everything has been tracked for you.
These are our top 3 tips along with making sure you find the right accounting software for your business. We believe that you should look at QuickBooks before deciding, as our clients who have chosen to use the program have had much success in the organization of their finances. We also suggest finding a small business owner mentor in the area who you can use to glen information from and who is willing and looking for someone to teach. We would love to help set your businesses finances up for success and ease when it comes tax time. We have many years of experience and have worked with many small businesses who are just starting or have been doing things a different way for years. We love to help implement what we have seen work in companies we have worked with in the years past. Our knowledge is looking for a home, so if your business is in need of support, set up an appointment with us today!
Are you interested in learning more about ShoreSource Business Solutions, LLC?
Feel free to reach us at 843.729.2961 or info@shoresourcebiz.com.
