Use a Pro to Keep You on Track
For a Tampa small business owner, the task of keeping up with the bookkeeping for the business can be annoying and time-consuming. Instead of working on the more important things, such as running your business, you are trapped in the office trying to record invoices and receipts. For the majority of small business owners, you set aside much of this bookkeeping to be done at a later time, and before you know it, you have a huge volume of data to record, with more being added each day. To help you get a hold on your bookkeeping, we have put together a few tips that you can start using immediately.
Hire A Professional Bookkeeper
It would be wise for you to retain a bookkeeper because he or she is trained in doing these tasks that you hate doing. Since bookkeeping is the work that bookkeepers perform on a daily basis, you can expect the work to be done quickly and efficiently while you get back to running your business. Bookkeepers can also offer useful insights that would be hard for an untrained person to catch since they know exactly what the focus on with the numbers. To make things easier for both of you, it is highly recommended that you and your bookkeeper use the same accounting platform in order to make collaboration easier.
Keep Track of Your Expense Receipts
Failing to maintain copies of the receipts for your business expenses can create a lot of problems with your books. Many times, you will be left unsure as to where a charge originated from and what it was used for, which can result in you incorrectly reporting expenses. As a small business owner, you should always make sure that you retain your receipts and make notes as to what the purpose of the charge was so that you have information that you can reference at a later date. However, stockpiling every receipt can make things difficult to manage.
Software, such as Receipt Bank, can help you to maintain your receipts by extracting the physical data and importing it in a digital format. Importing a receipt is as easy as scanning it into your computer or using your smartphone to take a photo of the receipt and then uploading the receipt image to your software. This is an ideal solution for small business owners on the go.
Managing Your Invoices
Typically, small business owners can lose track of unpaid and late bills. Upon issuing an invoice to a client or customer, keeping an eye on the payment becomes less important, especially when there are hundreds of invoices that are awaiting payment. Late and unpaid bills can really hurt the cash flow for your business and create problems for you in the future. Using a cloud-based accounting software to issue and manage invoices can help make invoicing easier and more manageable. Depending on your preferences for cloud accounting software, you will be able to make and send invoices to your customers or clients in just a few seconds. In addition, you can also receive the payments online through processors like PaySafe. Unpaid and late bills can also be easily traced because they will be kept separate from the rest of the invoices. Cloud-based accounting software will keep track of your invoices for you.
Accurately Recording Bank Deposits
With so much data being entered and recorded, it is likely that there will be some errors and mistakes that can sometimes be very costly. Incorrectly recording bank deposits can also result in higher taxes on money that you may have already recorded as income. As a small business owner, you must keep track of where every deposit is coming from and how it should be accounted for.
These are just a few bookkeeping tips to help you as a small business owner focus on the important things, like running your business.
Contact us now to find out more about how we can help your Tampa business. Call us at (813) 600 3199.