If you own a small business which does not have up to 5 employees or you probably run the business alone (a small scale interior designer for example) then it might be too expensive for you to Hire a Professional Accountant as a staff member or pay for regular outsourced accounting and bookkeeping. In this post, Opulent Accountants will help you think like an accountant so your business can have proper financial records which will make you spend less time and money with your outsourced professional on the few occasions that you need them. Let us face it you will need them even if it’s just for the legislative updates.
First, you need to think tax.
Tax time is (unfortunately for some) already upon us, but there’s no better time than the present to start prepping for next year! Our tip – every time you catch yourself avoiding bookkeeping or accounting duties, put on the mental mold of an accountant and try to remember tax-seasons-past. What didn’t you do last year that you wished had been done?
What would have made tax season less strenuous? Create a tax-mantra and stay on top of your bookkeeping to-dos. Staying on top of bookkeeping and accounting will save you time, money and countless future headaches!
Stick To A Schedule
There’s no procrastination in accounting, only deadlines! Figure out a time each week to update your books, pay bills, reconcile and organize. This will keep your desk clear, and prevent a complete math-meltdown later. Updating while the transactions are fresh in your head can also save you time and money (no future billing issues). Plus, can you really put a price on catastrophe prevention?
Speaking of catastrophe prevention, make sure you know what is outstanding, and what isn’t. Few things are more embarrassing as a business owner than asking an on-top-of-it client for payment they’ve already submitted. And aside from losing face, you may also lose money which is the direct opposite of your aim when you started your business.
Some clients are not so patient or forgiving when it comes to such mistakes. It can also help you keep on top of those clients that haven’t because making this mistake can also have the same effect as earlier mentioned in this section.
Once you’ve got your fool-proof system down, take the time at the end of the year (or quarterly) to evaluate your business. That’s one of the biggest benefits of staying on top of your small business accounting. It gives you the tools you need to figure out how to make more money, and how to best use the funds you do have. Make a habit out of consistently evaluating your business finances, pivoting when needed, and strategizing for success. That’s what accounting is all about!
We hope that these tips would help you grow your business in the right direction. However, for more information, you can always Contact Opulent Accountants and we will surely be there for you and your accountancy needs of your business.