5 Bookkeeping Tips For Small Businesses
If you are about to start a new business, you can do yourself a huge favor by setting your bookkeeping up properly from the very beginning. Here are 5 tips from Halsey Resources on getting your bookkeeping started off on the right foot.
Keep your business and personal accounts separate
Once your business gets started, you don’t want a mess by keeping your business and personal expenses in the same accounts. Set up separate accounts for your business. This includes banking and savings accounts, online payment services like PayPal and Stripe, and don’t forget about credit cards. The less you commingle your business and your personal expenses, the better
Schedule your bookkeeping
Do not make bookkeeping the last item on your to-do list. Add it to your scheduled work each week. If this sounds like an impossible task, reach out to Halsey Resources to outsource your bookkeeping. It will be a great investment, save you time, and keep you working on running your business.
Learn about tax law and your industry
Make sure you do your homework about taxes and your business. You can reach out to your personal CPA for advice, order books on Amazon, and ask other business owners that you know. The bottom line, make sure you know what you are getting into with taxes before you start your business as much as you can.
Create a savings plan
When you start your new business, make sure you are creating a savings plan. Businesses can have large ebbs and flow in income and the best way to make it through times of slow revenue is with backup funds. The pandemic has been a great reminder that things can change quickly for all of us.
Use cloud-based accounting
Another thing our pandemic experience has taught us is that an accounting program on your computer is not adequate for today’s world. Cloud computing is needed for your employees and your bookkeeper to have easy access to your records without having to physically go into the office. Quickbooks is the most widely used accounting software and we highly recommend it.
Getting your new business started is much easier when you are laying the groundwork for your bookkeeping. Let Halsey Resources help you make it even easier by taking it off your plate so you can focus and grow your new business beyond your wildest dreams.
