HOW TO MAKE SMALL BUSINESS BOOKEEPING EASIER

INTRODUCTION

The Bookkeeping aspect of business is usually a nightmare for many entrepreneurs and business owners who are not with numbers. However, this nightmare is a necessary evil that can only be ignored until the the fiscal year when the tax agencies comes knocking. Keeping an eye on your business cashflow is one thing that shouldn’t be shoved under the table, because inappropriate bookkeeping can land a thriving business into serious financial mess. Being smart with your bookkeeping can save you a lot of stress in the long run.

  • *STRICTLY BUSINESS
  • Many businesses fail because their owners muddle up personal and business transactions. The easiest way to evade this pitfall is to open a dedicated bank and credit card accounts for your business. This will simplify the cash flow and transactions, since every transaction through that account is for business strictly. It will also prevent you from paying taxes on unremitted money and make it easier to track expenses.
  • Having the bank representatives educate you on the different account options and packages that come along with them will help you make informed decisions.
  • AVOID PROCRASTINATION
  • The undoing of any business owner is procrastination in recording his financial expenses, the more he/ she procrastinates the work piles up and can be a headache to resolve later. Bookkeeping doesn’t have to be a daily activity, but choosing a regular timeframe e.g weekly to reconcile your financial books is very advisable else, you could be forced to use that free day dedicated to family to settle bookkeeping scores.
  • SIMPLIFY YOUR PAYROLL
  • Keeping the payroll simple is one way to free up time wasted on bookkeeping. This method of streamlining your bookkeeping process is by automating the payroll. Financial software make it easier for business owners to pay their employees, contractors and suppliers and some of these software like wage point can be integrated with Xero to help you find all financial information needed with ease.
  • PLAN FOR ALL MAJOR EVENTS
  • It is important in bookkeeping that you eliminate most cases of unforeseen expenditures and plan for all major events that are upcoming. This helps your business avoid moments of cash crunch due to avoidable heavy spending that could have been accounted for. Are the furniture in their last moments?, Are Rents and other utilities due?. All you need to do is create an upcoming payment schedule for all future expenses anticipated by the business.
  • You may also be planning your business based on a payment that is due soon by one of your customers, it is wise to create an upcoming monies received schedule to enable you cash out some of your cheques when due.
  • HIRE A BOOKKEEPER
  • For a small business, many will think a bookkeeper is unnecessary. However, if the options are weighed and it is seen that hiring a bookkeeper will free up more time for the business owner to make more money for the business , then it’s a wise decision to take. There could be a college student wanting internship or externship hours or a professional bookkeeper at affordable rates. Since the business volume is not large, the bookkeeper may work for some hours of the day, preferably evening hours so that he can record all financial deals of the day.

CONCLUSION

As tiring as bookkeeping might seem for beginners, it can actually be fun to be your own personal bookkeeper if you can master the simple rules. However, if you feel that hiring a bookkeeper is a better idea, then bookkeeper Melbourne or visiting bookkeeper.com.au is the best bet?

Five Bookkeeping Tips for Small Business

Do you think about hiring a bookkeeper? There are thousands who think bookkeeping is not really important and that it’ll be a very simple process to take care of. However, bookkeeping really does take up a lot of time and sometimes it’s well worth looking into getting some help with these matters. Read on and find out a few simple bookkeeping tips for small businesses.

Hire a Bookkeeper Melbourne

Small businesses can find things are a lot easier by hiring a professional bookkeeper. To be honest, a lot of small businesses think bookkeepers are not ideal for them and that they’re company is far too small in order to hire someone. However, if you have employees, even a few it is a wise idea to think about hiring a professional. You might not think that’s the case but it is. Hiring someone can help you to get things in good order.

Think About Learning about Bookkeeping

When you have a small business you have to think about understanding the basics of bookkeeping. Now, people don’t think about hiring a professional or learning the basics simply because they think it’s a waste of time and yet it’s not. When you know a little bit about bookkeeping then you can actually find it’s all easier to handle. People really don’t think about learning about bookkeeping and yet it can prove to be useful. A bookkeeper Melbourne can be a useful person to have at your feet but at the same time you need to know about bookkeeping.

Never Let a Non-Professional Handle Your Books

Who is handling your books? Have you thought about hiring a professional? If you are going to hire someone to deal with your books you have to be smart as to whom you choose. Now, small businesses often think that anyone can handle bookkeeping but that’s not true. A professional is needed and while you might be tempted to let a friend deal with the books, don’t! Remember someone who isn’t trained in bookkeeping might not know all the little tricks of the trade and that’s a problem to say the least. However, when you hire a professional bookkeeper you can actually ensure things run smoothly and without trouble also. Read more.

Hire a Bookkeeper Who Has Experience

You absolutely need to ensure you hire someone who has the necessary experience to deal with bookkeeping. Far too many people don’t think about that and it’s a problem to say the least.  Bookkeeping is a complicated field and one which is getting even more complex by the minute. However, when you hire a professional bookkeeper Melbourne you can avoid a lot of issues. Experienced bookkeepers are going to make a real difference and they might be able to ensure you get a simple way to deal with your books.

Regular Spot Checks Can Keep Things in Order

When you have hired a professional bookkeeper and want to ensure your books are in order it’s important to think about spot checks. Now, people don’t think about spot checks and it’s easy to see why. Spot checks however can help you to ensure you are getting value for money with your bookkeeping professional and that your books are in order. This is something most small businesses have to think about as it can be very important. A bookkeeper can be a great person to have at your feet.

Get the Best Help for Your Money

Hiring a professional bookkeeping professional can be highly important. When you have a professional who can help your business, you can ensure things are easier in every way. What is more, hiring a professional can ensure you feel more at ease with the books and more confident also. Bookkeepers Melbourne can be very important and they can help a lot of small businesses also. To find out more, check out http://www.bookkeeperco.com.au