5 Tips for Small Business Bookkeeping

 

Keeping track of each and every business expense is not a simple task, especially if you aren’t a numbers person. Small businesses may not always have a financial expert on the team, but bookkeeping is necessary for keeping business on track. Using proper techniques can help make bookkeeping easier. Here are five tips for small business bookkeeping!

 

Separate Business and Personal Finances

 

Though you may have started your small business with personal finances, you want to create a separate business account as soon as it gets off of the ground. Mixing business and personal finances make it difficult to keep an accurate track of business expenses. It’s also a good idea to get a separate credit card for your business to further separate finances as well as build your business credit.

 

Keep Records of Business Expenses

 

Modern technology makes it easy to keep all of your business expense records in one place. Rather than having to hold all of your paper receipts, receipts can be scanned and digitalized onto your device. Keeping these records helps to analyze business progression and also allows you to see what expenses can be deducted from your taxes.

 

Automation

 

There are several software applications designed for bookkeeping and other accounting services. Cloud-based software gives you access to your financial information from multiple devices. It also keeps your data backed up in case of a technical malfunction. Handling your business banking online allows you to sync bookkeeping software with your bank account so that you always have accurate and current financial records.

 

Hire a Professional

 

If your budget allows it, hire a professional accountant to help you maintain your business finances. Though this will be a financial investment, it will help you save and manage your money better in the long run. A professional will be able to assist you in finding the best software for your business and offer advice on how to use it. If you want consistent help managing your finances, a long-term accountant will provide continuous services to ensure the most success possible for your business.

 

Quarterly Review

 

Keeping track of your business expenses isn’t enough to make it grow. It’s important to analyze the data that you are reporting so that you can see what’s working and what needs to be changed. Each quarter, do an in-depth evaluation of your financial records. Look for things like growing or declining sales, the number of late-paying customers, and the amount of revenue. Come up with a plan each time you review to improve sales and revenue while eliminating unnecessary expenses.

 

Contact PL Consulting Today for Your Financial Services!

 

At PL Consulting, we consider our clients part of our team. We provide full financial management services including bookkeeping, accounting, payroll, tax preparation, budgeting, and more.

 

Serving the Baltimore area for several years, we are dedicated to providing customized service to fit each and every one of our client’s unique needs.

 

To book PL Consulting today or get more information, contact us at (410)-764-3731 or at https://www.plcfo.com/contact/

 

What to Consider when Hiring a Professional Accountant for Your Business

 

Managing your business finances correctly and efficiently can mean the difference between business success and failure. Not all business owners are savvy in the accounting field, so sometimes it’s best to bring in a professional to ensure your finances are being handled properly. A professional accountant can keep track of your business finances and make suggestions to help you make as much money as possible. Here are some things to consider when hiring a professional accountant for your business!

Desired Services

The first thing you should consider when hiring a professional accountant is what specific accounting services you need for your business. Do you just want someone to file your business taxes? Or do you need someone to manage your daily business finances? Coming up with a specific outline of what you want from your accountant gives you better guidelines when you begin your search.

Reviews & References

Don’t hesitate to ask a potential accountant for any client references they may have. This gives you further insight on how well the accountant does their job and also which specific accounting fields they specialize in. You also want to do your research and look for any reviews that give you an idea of their quality of service. One of the best ways to find a good accountant is to ask people you trust for suggestions, as they are the most likely to provide you with honest feedback.

Pricing

Before you begin looking for an accountant, it’s best to set a concrete budget. This helps you to stay on track and find a good accountant without breaking the bank. Always be sure to get specific rates from potential accountants because the last thing you want is to be surprised by unknown expenses when you get your first bill. Take the time to go over the exact services you want and let the potential accountant break down specifics of how payments work so that there is no confusion down the line.

Stay Involved

A professional accountant is there to assist you in managing your business finances. However, you shouldn’t rely on them solely for your financial success. Create a plan and make sure you’re aware of your own responsibilities to keep your finances in order. Be sure that you fully understand your financial situation so that you know what to ask and expect of your professional accountant.

 

Along the way, always follow up to ensure your account is providing the best quality services for your business. As business grows and expands, your accountant should adapt and grow with you.

Contact PL Consulting Today for Your Accounting Needs!

At PL Consulting, we consider our clients part of our team. We provide full financial management services including bookkeeping, accounting, payroll, tax preparation, budgeting, and more.

 

Serving the Baltimore area for several years, we are dedicated to providing customized service to fit each and every one of our client’s unique needs.

 

To book PL Consulting today or get more information, contact us at (410)-764-3731 or at https://www.plcfo.com/contact/