Friday, February 8, 2013

Good Accounting Habits for Small Business Owners

Picture Courtesy: Google Images

The biggest headache for small business owners is getting & staying organized. If running your own business sucks up your day, being successful is going to be that much harder for you. 

Here are a few tips for you to form good accounting habits so your small business will run like a well-oiled machine. 

Keep It Separate. Sometimes your business credit card comes in handy when paying for personal expenses. One may pay it back to the business but you actually have to record an accounting transaction. It is important to keep separate bank accounts & credit cards for personal & business expenses; by doing this you will be better track your deductible business expenses. 

Call in a Pro. Accountants are your trusted allies in running your small business. Their knowledge of the profession & the tax laws will save you money & time. An accountant will find you more deductions and make sure you are penalty-free. So save yourself time, money & headaches--call in the pros!

Pencil it in Your Calender. Set aside time every week to organize your finances. The more you do this regularly, the more insight you will have into your business. You can then make timely informed financial decisions & have things ready for tax time. If you do this you will see that your stress levels will drop!

Consider Your People.  The biggest expense a business can have is labor. You have to make sure you are keeping track of the costs of wages, benefits, overtime etc. Doing this you will see that you give yourself more ways to make sure you are not over-spending on labor & money saved can be used to give your staff or yourself incentives.

Don't Forget to Get Paid. It is indeed shocking how many small business owners do not follow up on payments due to them. Keeping a regular check on invoices, tracking payments ensures that you are being paid. Also, you know who your bad/ late customers are. Knowing this can help you either avoid their business or charge them penalties. Track your invoices regularly & record payments due & paid.    

A little bit of self-promotion here folks, for Point #2. For help with your book-keeping, accounting, payroll and taxation needs, email me at manasa@mntaxsolutionsllc.com.

---
For more tips and news-worthy articles, do check out my website, www.mntaxsolutionsllc.com

24 comments:

  1. Thank you very much for sharing on this very nice info with us, your idea is more helpful for me.

    Small business

    ReplyDelete
    Replies
    1. @sigsoogca: you are welcome, please do check out my blog for other posts!

      Delete
  2. This comment has been removed by a blog administrator.

    ReplyDelete
  3. Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point. You clearly know what youre talking about, why throw away your intelligence on just posting videos to your blog when you could be giving us something informative to read?

    CPA Lexington KY
    Accountants Lexington KY
    Tax Preparation Lexington KY
    Bookkeeping lexington KY

    ReplyDelete
  4. Hi John, thanks for stopping by and your comments. There is no video posted on my blog and I relied on information I collected from various sources. If it seems like it is based on a video, that is purely coincidental.

    ReplyDelete
  5. Useful information like this one must be kept and maintained so I will put this one on my bookmark list! Thanks for this wonderful post and hoping to post more of this!

    accounting and payroll & new company financing

    ReplyDelete
  6. Your post is very well. You share the nice information about the company business.Keep it up.......

    Bedrijven te koop & Managementondersteuning


    ReplyDelete
  7. Thank you for sharing valuable information. Nice post. I enjoyed reading this post. The whole blog is very nice found some good stuff and good information here Thanks.Also visit my page Contractor Accounting Intouch Accountants aims to provide an affordable, timely, clear and concise accounting service for small and medium businesses.

    ReplyDelete
  8. Thank YOU Jyoti Soni for your kind comments.

    ReplyDelete
  9. Thank you for sharing valuable information. Nice post. I enjoyed reading this post. The whole blog is very nice found some good stuff and good information here Thanks..Also visit my page  accounting services in new Zealand Intouch Accountants aims to provide an affordable, timely, clear and concise accounting service for small and medium businesses.

    ReplyDelete
  10. Thank you very much for sharing on this very nice info with us, your idea is more helpful for me...Accounting

    and payroll services

    ReplyDelete
  11. Limited companies are required to file their annual company accounts with the H M Revenue and Customs (HMRC) and the Registrar of Companies at the Companies House.We assist companies with the preparation of their annual statutory company accounts complying with the Companies Act.

    ReplyDelete
  12. We appreciated this content on this blog. Would want to visit yet again.

    Company formation in DMCC & Company Formation in Abu Dhabi

    ReplyDelete
  13. Your blog keeps getting better and better! Your older articles are not as good as newer ones you have a lot more creativity and originality now keep it up!

    Lizenz kaufen & Lizenzen

    ReplyDelete
    Replies
    1. Thanks Thomashill. Glad to know I am improving.

      Delete
  14. We loved necessary . on this site. Thanks for sharing

    Online Tenders South Africa & Tenders in South Africa

    ReplyDelete
  15. if you want Buy QuickBooks san antonio then Uhlenbrock CPA is the ultimate destination for you. Call Us now:(210) 701-1040 to get QuickBook in san antonio



    ReplyDelete