Dealing with business accounting is a huge task. Even the smallest of errors can throw the books off balance. It can take a lot of time to get finances in order, but with our tips and tricks, we can save you some time when it comes to carrying out this vital task for any business.
Business Accounting Tips to Save Your Time and Money
1Create an online banking account
Firstly, ensure you have online banking. The majority of banks – both business and personal – offer some form of internet banking. By registering for this, it can save you plenty of time and money reducing the number of trips you make to the bank.
With just a few clicks of your mouse, you can make payments and move money around without the need to sign a check or visit an ATM. An online bank will also show you debits and credits and recent transactions, perfect for keeping on top of your bookkeeping.
2Invest in accounting software
The next piece of technology to invest in is accounting software. Quickbooks offer an easy solution to business accounting – laser-printed voucher checks can automatically capture payroll deductions and invoice payment details, saving you even more time.
Investing in accounting software can help you track all of the essentials from income and expenditure, as well as helping you to create invoices, and monitor the inventory of your business.
3Separate personal and business finances
The government needs to see a clear trail when it comes to finances for tax purposes, so mixing business finances with personal finances is a big no.
The lines can become blurred – you could potentially take some finances from the business for personal reasons, fail to put them back and forget to pay tax on that sum. This could land you in hot water with auditors and/or investors.
4Track every expense
While we know receipts can get in the way, it’s important that you keep them all. Organize and file them away accordingly so if an issue arises, you have them to hand.
You should also look at scanning and filing them onto your computer – just in case the hard copies go missing. One of the easiest ways to track your expenses is to choose the right payment method when you purchase things: Using a card will ensure you’re not drowning in receipts.
5Don’t delay filing your taxes
This one is pretty self-explanatory, but don’t leave filing your taxes to the last minute. If you rush you could miss out some important details which could lead to a hefty fine.
Instead, set aside some time long before they’re due to get everything in order to ensure it’s a quick and easy process.
Those are some of our key tips on how to save time when it comes to business accounting. The key things to remember include:
- Keep a record of all business transactions
- Don’t mix business with pleasure
- Get the right tools
- Don’t wait until close to the deadline to file your taxes.