Top 3 Bookkeeping Tips You Need to Know

Do you dread the time that you have to spend managing the financial information for your small business? Many small business owners make the mistake of trying to take care of too many responsibilities on their own, resulting in a situation where they are stretched thin trying to keep up with all of the tasks.

Remember that simple is better! By implementing a good bookkeeping system right now, you can save yourself a lot of time and frustration in the future. Here are our top three bookkeeping tips to help with the financial management of your company:

1. Choose the Right Software

Whether you are stuck using an old software system or your current system is having problems, then you might consider making a switch to go with a different software program. There are a variety of options available, and you need to make sure that you choose a solution which works well in your industry. It can be beneficial to talk with a bookkeeper or accountant who is familiar with your industry, in order to get recommendations about the software that will fit your needs.

2. Put Simple Systems in Place

One of the biggest problems with an unorganized bookkeeping system is that things get lost along the way. How many deductions are you missing out on because you didn’t save the receipt to track your expenses? Small systems can make a big difference for your long-term success, so make sure that you think through the process and be deliberate when you are setting up your system.

For example, there are different smartphone apps that can be used to track and file your receipts, and these tools help you avoid the paperwork and stay current with your financial documentation. By downloading the app, you can get into the habit of simply taking a picture of the receipt for documentation, instead of keeping track of the slip of paper and trying to remember to put it in the right filing cabinet folder later on.

3. Reconcile Regularly

Reconciliation might seem like a boring and redundant task, but the truth is that regular reconciliations can help you to catch mistakes and improve your financial tracking system. Find a schedule that works for you, and don’t miss your regular reconciliation.

At Easier Bookkeeping, we offer a variety of small business bookkeeping services to make your life easier. We want to help you manage the financial tracking within your company, to free up your time so that you can focus on other important responsibilities. Contact us today for more information: (888) 620-0770

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *