To avoid getting caught short, plan ahead and set aside money for any anticipated tax bills. Cloud-based time tracking software allows employees to clock in and out on their smartphones, tablets, or computers. But it doesn’t just save them hassles—it also makes your life easier by automatically tracking overtime, PTO, etc. You can find time tracking software designed for just about any industry. Choose one that works with your bookkeeping software, and payroll will be a snap, too. Separating your accounts doesn’t mean that your business doesn’t pay you, of course.
A certified accountant can also help you structure your accounts in the most efficient ways to save money and avoid paying taxes. These days, cloud-based accounting software has become integral for every business, as it allows business owners to access business information from anywhere, whenever they need it.
Create Cash Flow Forecasts
When a transaction rolls in, that’s pretty manageable, right? That pile of papers can start to look a little chaotic and it’s tougher to sort out. It breaks everything into snackable chunks and ensures you’re operating on up-to-date information. bookkeeping tips If you’ve been delivering paper invoices, Lendio’s software gives you the chance to go paper-free and optimize your cash flow with a variety of payment options. So you don’t have to accept cash payments unless you want to.
- Quick, regular audits of your documentation and transactions will ensure that you’ll never have a stressful night’s sleep—at least as far as your books are concerned.
- For instance, it can import transaction details from your connected business bank account automatically, eliminating errors and discrepancies.
- Develop a storage system and naming protocol for invoices, receipts, and records.
- It’s important to send invoices right after delivering the goods or performing services.
- Jot down notes about purchases and expenses and throw them in the file.
- One of the easiest ways to avoid the stress of keeping up with your business’s bookkeeping is to hire an accountant for small business.
If you travel frequently, that can be difficult to manage without the help of technology. There are apps that allow you to track and log your business mileage by linking with your phone’s GPS.
Separate your business and personal finances
The information provided in this post is not intended to constitute business, legal, tax, or accounting advice and is provided for general informational purposes only. Readers should contact their attorney, business advisor, or tax advisor to obtain advice on any particular matter.