As a small business owner, you juggle many responsibilities. One of those is bookkeeping. It can be tempting to let the bookkeeping slide in favor of tackling more pressing concerns, but when it’s time to pay your taxes, employees, or vendors, you’ll have a mess on your hands without the proper system in place.
If you’re behind, don’t despair. There are ways to catch up on your bookkeeping. We’ve created a list of tips to help:
- Go Digital
Still tallying accounts by hand? It’s time to go digital. Invest in bookkeeping software or create a digital spreadsheet to record any money spent or earned.
- Organize Your Receipts
If you’re storing business receipts in different locations or files, take inventory and organize them, categorizing by type.
- Cross Check Your Records
Verify that the expenses and earnings you’ve received in your bank account (or in cash) match your records. If it seems like there’s an error, dig carefully through your expenditures and accounts to figure out why.
- Separate Personal and Business Finances
Using the same accounts and cards for everything is a common mistake small business owners make. By separating your personal and business accounts, you’ll be better able to track the profitability and growth of your business. Plus, it will make doing your taxes much easier.
- Hire a Professional Bookkeeper
If you’re behind and feeling overwhelmed or if you find large discrepancies in your accounts, it may be time to contact a professional. Hiring a bookkeeper will allow you to focus more on other aspects of the business while making it easier to file your annual taxes and stay current with payroll and invoicing.
Contact Mazuma today to get a quote for bookkeeping.
