5 Small Business Bookkeeping Tips

Thought you might be interested in an article 5 Small Business Bookkeeping Tips and thought I’d share a few points with you here. I’ve found some relevant information here so if I find more, I’ll be sure to pass it on.

Unless you’re one of those folks who loves working with numbers, balancing the books is never a fun part of having a business. 

It is, however, an extremely important part of your business...

This is especially true for small businesses, where everything is done in house and even the smallest of errors can have a major impact. 

With this in mind, small business owners should consider the following tips to make bookkeeping easier:

1. Maintain regular records – As with most things in life, it’s easy to let your business books get away from you. Because sitting down and going over the books isn’t pleasant, most of us tend to avoid it, but the longer you avoid it, the more complicated it becomes. If you keep regular, daily records of all transactions then you’ll have a much easier time of it when you need to do the end of accounting period number crunching.
2. Use the right accounting system – there are two basic choices for most small businesses: cash-based or accrual. In most cases, cash based, where you record income when you receive it and expenses when you pay them, will work just fine. But some businesses will actually be better off using the accrual method, where you record income and expenses when they happen, not when you actually receive or pay them. Knowing which system to use and sticking with it from the beginning can help to make bookkeeping easier.

If you want to keep reading with any of that content, by all means, click the link to keep reading. Please feel free to contact me on (0406)029-050 or email at [email protected] for any thoughts and perspectives.

Thanks,

Reuben