Are you trying to save time and money in your business? Read this article to learn life-saver small business accounting tips.
Only a third of small businesses that open, last more than 10 years.
Many times when small businesses can’t keep up, it is because of finances and accounting.
To help save your business and keep it going, you will need to have your finances in order. Not organizing this information can waste a lot of time and cost extra money.
Continue reading to discover some of the best small business accounting tips that will save you time and money!
Table of Contents
1. Pick Your Software
One of the best small business accounting tips to follow is downloading software that will help you.
Many businesses use Quickbooks to take care of checks, bank accounts, and other report needs. Wave is another excellent choice to manage accounting on. Deciding between Wave vs Quickbooks can be challenging.
Wave is a cheaper software than Quickbooks. However, it does not have all of the same features.
2. Don’t Mesh Accounts
Do you have your personal and business accounts intertwined?
It is recommended that you separate them if you do. Bookkeeping will be a much easier process if your accounts aren’t together. You won’t have to worry about every purchase and to which account it belongs.
3. Upload Your Documents
If you want your finances to be organized and easy to access, you should consider scanning documents to your accounting programs.
Scanning receipts and business cards into your computer can be more convenient and eliminate papers from building up. Taking a picture of your receipts means that you can toss them and still have the information available come tax season.
Running your finances can be difficult when you don’t have all of the information you need in one place. Uploading them to Quickbooks or other accounting software can help you in the long-run.
4. Track Your Miles
Not all companies will pay for gas-mileage, but if yours does, you should begin tracking as you drive.
Some people wait until the end of the week, or worse, the end of the month to calculate their miles. This can lead to extra math to solve and you may forget to include things.
Tracking while you drive is easy, you can even download apps to help!
5. Avoid Using Cash
Anything that you pay with cash for the business will require extra work and documentation.
To keep things simplified, you should use your debit or credit cards so that the purchases are recorded. If you DO have to pull money from the ATM, you may want to write on the receipt what it was used for.
This will help you organize them and discover where your money went.
Use These Small Business Accounting Tips
Many businesses use personal resources to take care of accounting needs.
Utilizing these small business accounting tips can help save you time and money throughout the year. Many software programs can help keep you organized so that you don’t overspend as well.
Be sure to check out our blog for more articles about running your small business and keeping finances in order!