A Better Accounting Strategy for Your Small Business
Within a small business, it can be difficult and overwhelming to stay on top of bookkeeping. Organizing your expenses, revenues and costs early will save you time and energy and is one of the best practices to grow your business. Here are five simple tips to ensure your books are as accurate and complete as possible.
1.Make Accounting a Priority
When running a business, it’s easy to get caught up in developing the business, marketing, and finding sales without considering the cost of operation and managing the cash brought in. By prioritizing financial records, it is not only easier to understand the cash flow of your company, but it ensures accurate records are reported to the IRS.
2.Don’t Be Afraid to Ask for Help
The strongest leaders are not afraid to admit when they need help. Sometimes you may not be ready to manage the books independently and that is fine. There is always an option to hire an accountant or bookkeeper. If you do seek help, make sure they keep a dialogue with you to understand the inner-workings of your business and teach you accounting basics.
3.Keep Accurate Records of Invoices and Receivables
Just because you sent the invoice doesn’t mean you have been paid. It is important to follow up on invoices and receivables to make sure all information is accurate. These records should be easily accessible for when you need to circle back to a customer or vendor.
4. Automate
One of the best ways to manage your business practices and not get overwhelmed is to automate. Digital book keeping will eliminate stacks of paper, is cost efficient, and an extremely accurate way of accounting.
5. Digitize Your Financial Processes
Switching from the filing cabinet to the computer is a great step in streamlining the accounting process. By moving your financial records to a business app, like QuickBooks, you have a much lower risk of losing data, plus recalling information and generating reports is made easier than ever.
Another tool you can use is an end-to-end software solution that will help keep your financials in order from the top of the job cycle. With the ability to accept payment, create invoices and purchase orders, and sync bidirectionally with QuickBooks, SingleOps will remove the stress of bookkeeping in no time. To read more about the benefits of using a business software check out this post!
We would love to tell you more about how SingleOps can streamline and organize your business in a FREE online demo. Schedule yours today!