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Any monies you owe to suppliers or other agencies for goods or services provided are placed under Accounts Payable. Accounts Payable is an expense account that lets you know how much money you owe to your creditors. Rent, business insurance, and software subscriptions are expenses you pay before small business bookkeeping receiving the benefit of the service—these are prepaid expenses. As a business owner, you’ll most likely have to create a complete financial report at least once a year, for tax purposes. However, there are plenty of reasons to make quarterly, or monthly financial statements as well.
Efficient bookkeeping involves foresight, meaning that a business should always plan for upcoming financial events, including tax time. Good preparation and documentation are critical for paying taxes (including payroll taxes) on time. When you first begin the bookkeeping journey, collect everything you have that could be relevant to establishing financial history.
Learn how bookkeeping can streamline business practices with small business bookkeeping tips. You’ll learn which accounting methods to choose, how to track expenses, and much more. Bookkeepers are responsible for accurately recording all financial transactions for a business. Since the IRS accepts digital records, it’s smart to use a cloud-based system like Dropbox, Evernote, or Google Drive so you never have to deal with smudged receipts. You can also use apps like Shoeboxed, which are specifically made for receipt tracking.
If you’re a sole proprietor or freelancer, chances are you get by with a manual journal or spreadsheet software to record your financial activity. But even a freelancer could benefit from using accounting software to record their financial transactions. Creating a budget is one of the most important things a small business owner can do. But in order to create a budget that is accurate, you’ll need to be able to access the information such as accounts receivable totals, vendor payments, and cash flow. Generally speaking, accrual accounting is better for larger, more established businesses.
Go Answer is a bilingual answering service that connects your customers to live customer service agents via phone, text, web chat, or email 24/7. This step is important because it establishes your business as legitimate and may help to limit your personal liability if your company is ever sued. Whether you’re doing this part-time or full-time, you don’t want to skip this step. Non-accounting degree holders who would like to pursue a bookkeeping career can take bookkeeping courses online. We recommend choosing courses that provide a certificate so that you can include it on your resume. You can get bookkeeping courses from Accounting Coach, Coursera, or LinkedIn.
Whether it’s a lack of interest or knowledge, many businesses outsource this process to a professional bookkeeper to ensure accurate and healthy finances all around. There are some easy-to-use accounting software that don’t require prior bookkeeping experience. However, to get the most out of accounting software, we recommend that you work closely with your accountant. Desktop accounting software can go as high as more than $1,000 per month, depending on the number of users included in the plan.
Records older than six years can be securely disposed of by hiring a professional document shredding company. For digital records, QuickBooks allows you to easily delete or condense historic transaction data to save you storage space and secure sensitive financial information. These five bookkeeping tasks seem like a lot to think about, but you can make things significantly easier by following three golden rules. Combine these with quality accounting or bookkeeping software, and you’ll stay on top of your books every month without breaking a sweat. Recording can be pretty time-consuming (especially if you’ve been putting it off), which is where accounting software like Wave’s can help.