8 Awesome Bookkeeping Tips

8 Awesome Bookkeeping Tips

8 Awesome Bookkeeping Tips

Ask any entrepreneur why they went into business for themselves, and you'll get a hundred different answers, but odds are pretty near even that, "To do bookkeeping," is nowhere on that list. But proper bookkeeping is the core of any successful business, it is a way to tangibly measure growth, keep cash flow positive, and track expenses to ensure you don't overpay your taxes.Bookkeeping is like learning the piano: Hard to learn,but easy to master. The secret is to learn the fundamentals and create a system that works for your company.While it's up to you to create the system, these eight tips should have you bookkeeping like a virtuoso in no time:Use the Right Software:Forget (heaven forbid) spreadsheets, today countless options exist to keep track of your books. Some offer free version of their software, or you can use several online versions.Automate Your Invoicing:Several online invoicing services allow you to schedule invoices for clients you charge contracted monthly fees to, saving you time and cutting down on errors.Don't Mix Business and Pleasure:Getting a business credit card not only separates your business expenses from your personal, but you also build business credit and points. Some business cards allow you to automatically download transactions into your bookkeeping system for automated month end inputting.Keep it Simple:You might be tempted to over-categorize your chart of accounts (office supplies vs. itemizing your fax, paper, letterhead, printer supplies, ect.), but resist the temptation. This will complicate your profit/loss and add time to your bookkeeping.Schedule Important Reports:Some bookkeeping systems allow you to schedule reports such as your Profit/Loss, Balance Sheet and Accounts Receivable Aging to a schedule of your choosing (daily, weekly, monthly) and email them to various recipients. This can also act as a reminder for due dates such as your state sales tax.Pimp My Report:Some bookkeeping systems allow you to customize important reports to include key information. One report we suggest is a customized A/R Aging that includes contact info, so you have all the information in one place. Then schedule that to arrive monthly at your A/R clerk to follow up on late invoices.Use a Payroll Service:Once your business starts to grow beyond you as the only employee, payroll jumps exponentially in difficulty and can lead to heavy fines if done incorrectly. Outsource your payroll to a professional company to avoid the headache. Shop around to get the best rate.Hire a Bookkeeper:We know what you're saying - "Why'd I waste my time reading these last seven tips?!" Knowing how your books work is just as important as investors knowing what investment companies are doing with their money. But hiring a professional bookkeeper provides a second set of eyes looking at your books and frees you up to focus on growing your business instead of working for your business.In short, you can simplify you bookkeeping by practicing or using these 8 simple tips.

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