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Useful Accounting Tips For Small Businesses


March 7, 2018 ( Newswire) Accounting is a critical function for any small business. If you're a savvy business owner, you'll attend to your accounting needs as a first priority. In the early days, you can probably get away with doing your own bookkeeping, but as your business grows, you'll benefit from outsourcing to an accounting and consulting firm. They can provide the leverage and expertise necessary to obtain tax advantages, while ensuring you're legally protected.

All the same, if you're still doing your own bookkeeping, there's no need for dread. With perseverance and a passion to learn, you can ensure your records are as accurate as possible. There are good practice steps to take throughout the year, and to help you engage properly, here are some top accounting tips for small businesses:

Keep Accurate Records

It's important to keep everything in one place for simplicity's sake. This will make life easier and create optimal organization which allows you to focus on decision making. It's important for your billing and receivables module to be handled effectively, because when it comes to stating how things are spent and earned, accurate records are an absolute must. You can invest in accounting software to guide you through the process. This will free up time to focus on your core competencies. When you do eventually work with a professional, you'll be positioned to supply them with the information they need to do their job.

Accurate Invoicing

Invoices are more than just prompts for payments. They're records of transactions, with special attention to the terms involved. This underlines the importance of ensuring information is accurate and complete. As a business owner, you should understand the difference between invoices and receipts. Whatever you do, don't create multiple versions of invoices or add to existing ones, since this will confuse your accountant later on. With accurate invoices, if questions arise from clients, you'll be prepared with a record of agreed-upon terms.

Get Donation and Contribution Receipts

You can enjoy tax benefits by contributing to outside organizations. Each contribution should generate a valid receipt you can use to obtain tax benefits. A receipt can be the difference between a tax write-off being accepted or denied. With charitable donations, you'll prove you're an ethically responsible company, help others, and benefit from tax write-offs. Continue to make contributions on a yearly basis, and you can benefit significantly.

Sort and File Receipts

Keeping an accurate account of receipts is highly recommended. Retaining everything relating to company spending is a great start, but this is just the beginning in terms of good accounting practice. It helps to categorize expenses according to date and reason for the expense. The ink on receipts can fade over time, so taking photocopies is a good idea. By doing so, you'll have a digital copy of receipts too, which is beneficial for peace of mind. As with every point mentioned in this article, organization is key. If your financials are in order, everything else will follow suit.

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