Small business bookkeeping might seem like an esoteric field. But that’s only from the outside. Here are six secrets that will give you an insider look and increase your business success.
If small business bookkeeping fills you with the kind of dread generally reserved for an orc attack, you’re not alone. Many people would rather go to the dentist, hop on a trans-Atlantic flight, or spend time in solitary than crack open the figurative books.
It’s not that accounting is an impossible field. It’s simply that unless you know what you’re doing, QuickBooks is a terrifying minefield of numbers and symbols and breakable equations. Don’t let it scare you, though. Here are six insider secrets to making life easier.
1. Follow the GAAP Method of Accounting
The Generally Accepted Accounting Principles (GAAP) are a critical guiding light for any business’s accounting procedures. It’s vital you follow them if you want to remain in compliance. That’s one of the premium concepts professional accountants understand and small business bookkeepers may not. If you’re not using the principles, rectify that mistake today. Or hire someone who knows how to keep up with regulations for bookkeeping help.
2. Input Financial Data as Soon as You Have It
One of the biggest amateur bookkeeping mistakes is saving up financial documents and information for a set time to input it all. This is an excellent way to lose documents and get hopelessly behind, however. Insiders know to enter bookkeeping information as soon as they have it in hand.
3. Know That Payroll Is More Complicated Than You Think
Don’t treat payroll lightly. Complications such as part-time hours, insurance information and crossing state lines can all make payroll a knotty mess. Insiders understand that only an expert should complete payroll services, and they get help accordingly.
4. Go Paperless Immediately
A classic modern-day bookkeeping mistake is to rely on a paper method. If you’re stuck in the analog ages with piles, folders and file boxes of paper, it’s time to move past it. Major insider secret here: Only touch paper once. That means as soon as it comes into your hands, you need to enter it into the system, then shred it. Again, that means you need to input financial information as soon as you have it.
5. Use Programs That Come with an App
Anything you can do on your phone is about ten times as efficient as a desktop only. So many of our daily business activities take place outside the office. If you have to keep up with them on the go, you’ll again lose information and let essential financials slip through the cracks. If you’re not well-versed in on-the-go accounting tricks, get an expert bookkeeper to teach you how it’s done. They can help you stay on top of your paper, handle payroll issues as they arise and input data when you have it.
6. You Don’t Need a Full-Time Bookkeeper
There exists a myth that you either keep all your books yourself, or you hire a full-time bookkeeper. Most small businesses, faced with this choice, choose to go it alone. But what if there were a middle ground? A world in which you didn’t have to do your own bookkeeping, but neither did you have to rely on your own rusty/nonexistent skills? There is. Get a flexible and part-time outsourced bookkeeper and see what it does for your business today.
Bookkeeping Services for the Business Savvy
The truth is, these insider secrets of small business bookkeeping can undoubtedly help you propel your business to the next level. But there’s nothing so helpful as outside bookkeeping help. Saving your time for what you’re good at, while simultaneously paying for bookkeeping services that get the job done in half the time with twice the accuracy, is hands-down the best approach to bookkeeping. Ready to learn more about how Accounting Partners can help you? Click or call 678-990-0924 for a free consultation to learn how bookkeeping can help your business. Don’t wait to learn more today.
