Simple Accounting Tips You Can Do Right Now
Establishing a system of accounting is vital to the success of any organization, large or small.
I’m excited to introduce you to Chad McKinney, a CPA and friend of Business Boutique. He wanted to share some tips that will make life easier when it comes time for you to connect with a tax pro. Enjoy this guest post from Chad!
***
Running a business without a timely and accurate accounting system is the equivalent of going to school without getting a report card at the end of each period. You won’t have a good idea of how you performed, where you excelled, or where you have opportunities for improvement. Establishing a system of accounting is vital to the success of any organization, large or small. Here are a few tips:
1) If you don’t already have one, establish a relationship with a qualified accounting and tax professional now. You’re looking for someone with the heart of a teacher.
2) Keep everything. Too much information is better than not enough when it comes to accounting.
3) Document everything! If you take a client to lunch, write on that receipt who the client was. Keep a notebook in your car or an Excel spreadsheet to track the miles you drove going to that lunch.
4) Track everything! Select an accounting software solution that works for you. Keep it current. Ask your accountant for guidance and reconciliation. And if you don’t have time, find someone who does, even if you have to pay them.
Need help getting started? Make your life easier and contact one of Dave’s Endorsed Local Providers to find a trusted tax pro in your area today!
Related Articles
Gift-Giving Guide
The Business Boutique 2020 Goal Planner Who’s it for? The woman who juggles it all—running the kids to soccer practice, getting dinner on the table,...
More
Setting Short-Term Goals Based on the Season You’re In
“Life balance isn’t doing everything for an equal amount of time. It’s about doing the right things at the right time.” I say this on...
More
Becoming a Confident Business Owner
Madison Hardy Dennis is a mover and a shaker, and she’s definitely making things happen! Her business, MHD Beauty, uniquely positions her as not only...
More
Thank you very helpful. Any suggestions on best tax software? I really need to be picking one 🙂
Sorry I was looking at this site for my mother but I came across your post. I follow Dave Ramsey and one can look in to freshbooks. It is a cloud accounting software for small businesses that Dave Ramsey endorses because of its ease of use for generating invoices and tracking expenses. Good luck! https://www.freshbooks.com/
I like and use Quickbooks online. It allows you to create invoices, reminds you about past due payments, allows you to invite your accountant to view your info and much more.
Thank you for sharing idea about Accounting Tips. Accounting software is a type of computer software used by accounting professionals to manage accounts and perform accounting operations.
Hi Joanna if you are looking for tax software check this http://philippinepayroll.mseedsystems.com
Informative write-up! Running your own business is no small feat. I agree with you that the first thing we all have to do is proper business planning and keeping all the records up-to-date.