Learn to get your Accounting Under Control
“Do you need to get your small business accounting and bookkeeping under control but you just don’t know how to get started? You’re not alone. Most small business owners struggle when it comes to their small business finances.” But the question is, where do you even start?
Here are 7 keys to getting your small business accounting under control. I’ll mention each one briefly and then provide more details in future posts.
1. SEPARATE PERSONAL INCOME AND EXPENSES FROM BUSINESS INCOME AND EXPENSES
Many small business owners don’t track business income and expenses separately from their personal finances. Separating them will make it much easier to stay on top of your business. Also, the IRS also requires you keep things separate.
2. USE SMALL BUSINESS ACCOUNTING SOFTWARE
You don’t have to use a shoebox or spreadsheets any more. There are many choices available for paid and free online small business accounting software. They are easy to use and you’ll be amazed at how easy it will be to get your taxes done once your accounting and bookkeeping are up-to-date.
3. DOWNLOAD TRANSACTIONS FROM YOUR FINANCIAL INSTITUTION
Once you use small business accounting software, downloading transactions from your bank, credit card, and Pay Pal is a breeze. You can download transactions in as few as 5 minutes a day and save lots of time.
4. SCHEDULE TIME ON YOUR CALENDAR TO WORK ON YOUR SMALL BUSINESS FINANCES
The easiest and least painful way to get your accounting and bookkeeping done is to schedule time to work on it. I found that even 5 minute increments are better than letting it accumulate over 3 months. You should schedule time daily, weekly, and monthly. Then give yourself a reward when you finish.
Learn the rest of the seven steps or key tips from Veronica Wasek of 5 Minute Bookkeeping here: http://ow.ly/OodbB