Running your own small business, especially without any extra help from any employees, is hard work. Most days you cannot slow down to take care of all of the financial stuff involved with running a business. That can turn into a really ugly mess really fast. To make sure your business does not take a massive nosedive into the dumpster of nonexistence, here are small business accounting tips you can use to stay on top of things.
If You Have a Register, Run an Hourly Financials Report and File It
Modern registers have a feature that allows you to run an hourly sales total. It prints out on a receipt. Do this every hour you have any sales at all, if applicable to your business. Then file it in a folder marked with the day of the week. When you get a chance, and things quiet down, you can go through the folders for the week and enter the amounts into accounting software on your office computer.
Immediately Print All Receipts of Your Business Purchases
If you need any supplies, office goods, etc., make your purchases and immediately print off the receipt. Even if you do not have enough time to enter the total cost of items purchased, you can go over your stack of printed receipts later and enter them into your accounting software. If you fail to print a receipt, you will forget that you made that purchase and drew the funds from the business account. Then you end up with a negative balance at some point, and you will not be able to figure out what caused it. File all of your receipts in a monthly file folder so that you can keep track of the business expenses.
Still Cannot Maintain Organization with All of the Business Financials?
If you follow the tips above, and then spend downtime in your business hours to enter everything, you should be fairly well-organized. If you somehow are still unable to keep things in order in terms of accounting, you can always hire a CPA or tax accountant part-time. He or she will provide you with small business accounting services, which will relieve you of the constant burden of trying to keep up with the monetary end of things. It will also reduce your stress levels because you know that an accountant or CPA is handling the most important aspects of your business.
Share3 February 2019
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