Bookkeeping is a must in any business; and no matter what size business you own and operate, it is important to recognize the best practices that will keep you running smoothly along the way. Record keeping to financial analysis will not only keep your day to day expenses under control but will help you discover new avenues for growth as well as help you stay responsible to your tax obligations.
As you consider your accounting strategy, keep in mind all the different aspects that you will need to be tracking. Daily expenses are just a part of it and change with each business. Some of these general expenses to keep in mind are:
- Cost of Goods Sold
- Capital Expenses
- Employees’ pay
- Retirement plans
- Monthly rent and expenses
Working with an accountant or bookkeeper that has your financial goals in mind should be another important part of your strategy. They not only keep up with your expenses and records but help keep your company accountable. A traditional bookkeeper is usually not a CPA and for most companies will be more than enough to keep the ball rolling. Finding one with the experience and know how is key, so do your research and compare apples to apples.
Feeling overwhelmed yet? Most do, but that is ok! Start small and work your way up. Get a system in place that will help your company move forward and succeed. There are bookkeeping apps, expense tracking apps, business budget apps, and online accounting services like QuickBooks® that can help businesses of any size get on track and stay there that your bookkeeper or accountant will appreciate just as much as your company does. Need more info on what is best for your company? Contact us today for a consultation.