- SAVE ALL RECEIPTS:
That’s right, save them all. Especially those smaller ones below $100. Business receipts are an important valuable tool to keep documented proof of all your expenses in the event of an audit. There are plenty of options to make saving receipts easy and organized. Many accounting systems like Quickbooks Online let you save them and connect them to expenses. If not, save them to a cloud based platform such as Google Drive or OneDrive.
Quick win tip – Quickbooks Online lets you snap pics of your receipts on your device and upload directly into your account.
- TRACK REIMBURSABLE EXPENSES:
Just like receipts, track them all! Don’t waste valuable reimbursables, especially when they could be tax deductible too. Even if they seem small, they can add up quickly over time. Use an app to help make tracking them easy, especially if it integrates with your accounting application.
Quick win tip – Quickbooks Online works with many apps that can help you track expenses and easily import them into your account for easy tracking and reporting.
- RECONCILE STATEMENTS:
This monthly task may seem tedious but it is vital to the financial health of your business. It is a fundamental aspect of knowing where your business truly stands. It is very useful to identify errors before they grow into major headaches. If you find it a hassle to reconcile your accounts, hire a bookkeeper to help you keep your accounts up-to-date.
Quick win tip – Quickbooks Online can sync with your bank account allowing the potential to catch errors sooner and make reconciliation less stressful.
- CATEGORIZE PROPERLY:
Did you know the Chart of Accounts is the key aspect of your entire accounting system? It ensures proper reporting to have the best information available when you need it. Keeping the CoA well organized and clean is essential to creating good reports. Duplicated expense categorizes, improper categorizing transactions are two common mistakes made. Professional bookkeepers can ensure your CoA is optimized..
Quick win tip – Quickbooks Online comes with some basic, standard accounts, but the online community can help with determining those that a business may need beyond those basics.
- DON’T DO IT YOURSELF:
Many business owners insist on doing their own books but find it too time consuming and frustrating. This often leads to putting them off or mistakes from a lack of understanding the importance of bookkeeping. Finances are a key aspect of all businesses so why gamble with trying to do it yourself. Hiring a professional bookkeeper can save time, frustration, money, and give you peace of mind. Not to mention ensure you have the best financial reports to make significant decisions.
Quick win tip – Quickbooks Online lets you work with virtual bookkeepers while letting you access your books from anywhere at any time.