5 Accounting Tips for Small Businesses

Posted on September 2, 2014

1. Use paper & electronics for your bookkeeping.

Keeping books on paper sounds like a hassle, we know! But trust us, it’s worth it. Electronic bookkeeping can go wrong in so many ways. The mess of unbalanced numbers doesn’t always make sense and if an emergency happens, your accounts go out with it. Keeping records on paper is not only a safe way of keeping a backup, but it also makes your staff feel more hands on. If working on paper is not something that appeals to you, at least print out copies of your important documents just in case.

2. Establish a petty cash fund.

This is a great tip to avoid issues with minor and unexpected expenses the creep up. Usually these expenses are so small that it is not worth writing a check or using the store credit card. But you will need to keep all receipts for purchases made with the fund, and replenish when needed.

3. Keep it simple.

Simplify your record keeping. During the early years of your business, there is a learning process one goes through. Make sure you keep a record of that and slowly build up your methods. When you rush into projects, this can be a recipe for disaster. Don’t dive into projects that are overwhelming of confusing!

4. Review quarterly and monthly tax reports.

We cannot stress how important this is! Small business owners should ALWAYS maintain payments & tax records. Non-payment fines and penalties can destroy your business in the blink of an eye. Take the time to ensure all your returns have been filed properly and on time.

5. If in doubt, find professional accounting help.

When in doubt, an accountant can be entrusted to work with you and help you meet all of your financial goals. It’s better to shell out a little money to work with a professional than to end up out of business for keeping your books wrong. If you find yourself questioning a process, hire someone part time to help you or—if you can afford it—outsource your bookkeeping to an accounting firm.

To read more on this article, go to http://www.domeduong.ca/top-10-accounting-tips-small-business/

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