There’s no shortage of details to consider when you’re a small business owner. Getting the back-office basics of accounting in order early on – tracking revenues, expenses and costs – will keep you out of the weeds of paperwork and cash flow snafus, and onto the important work of growing your business.
To keep moving toward your long-term goals and improve profits, get your small business accounting in order with these essential tips:
Separate Business and Personal Expenses
Track Every Expense
Accurately Record Deposits
Understand When It Pays to Pay
Dedicate Time to Update Your Books
Keep Tabs on Labor Costs
Expect Major Expenses
Maintain Inventory Records
Follow Up on Invoices and Receivables
Bookkeeping is a necessary chore of all businesses, helping you manage your operations and prevent an audit by giving the IRS what they need.
Courtesy of FundEra
For more information contact Neikirk, Mahoney and Smith at 502-896-2999
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