If you don't have a clear financial blueprint, can you measure the success (or failure) of your small business?
To know how much you are earning and how much you are spending will better prepare you for impending financial crisis before it hits your business. Knowledge of your financial performance can help you redirect your business to the path of success.
“An investment in knowledge pays the best interest.” -Benjamin Franklin
The best way if not the only way to be on top of your finances is good bookkeeping.
A small business owner wearing multiple hats is likely to ignore the importance of bookkeeping simply because managing the daily business operations and gaining customers that take the best part of the day get on top of the priority list of to-do things.
Small business bookkeeping sounds a little less important to many starting entrepreneurs overwhelmed with a multifold of tasks necessary to generate revenue. If you think you can ignore bookkeeping for small business, you really should not. When small tasks begin to pile up and you start losing receipts that the taxman requires, it brings real financial pain in the long term to your small business.
If you must, you should outsource bookkeeping services.
Small business bookkeeping does not have to be too difficult.
You can always opt to automate your bookkeeping process and use cloud technology to store your financial information so that you can generate reports in real-time and access your data anywhere. Most professional bookkeepers and many small business owners trust QuickBooks.
But if you feel that you are not ready to invest in technology, you can always start with a 5-step action plan that still keeps you in control of your financial information. Or, find a reliable small business bookkeeping service that you can trust with your financial information.
To organize your business finances properly, you must know what are the common types of bookkeeping accounts to gain some clarity of what your business financial looks like such as what are your accounts receivable?
“Not sweating the small stuff like understanding your own books is trouble in the making,” Lita Epstein, author of Bookkeeping Kit for Dummies
According to SCORE Association, the non-profit organization for small business that Cristy Fontanilla, FAS Managing Partner is a proud and active volunteer, there are ten common types of bookkeeping accounts that small business owners should know.
The moment you get your business license and opened a bank account for business, you will begin to receive different documents. And you can expect the documents to pile up soon as you grow your small business.
If you don't have proper document management in place, you could easily lose important documents critical to compliance with state and federal laws. We have seen small business owners hold documents in the cars glove box or under the seat, in the kitchen and in many other random places around the house.
We help you plan, forecast and analyze your financial data
so you can get on top of your finances today to grow your
small business big tomorrow.
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