Accounting Tips for Small Businesses
Running your own business is challenging on its own. Having to manage your accounting and finances can add to that challenge. Here are some quick tips from Accounting for Small Business Owners (https://www.amazon.com/Accounting-Small-Business-Owners-Tycho/dp/1623155363) to help you manage your business’s finances better:
Obtain a federal Taxpayer Identification Number (TIN).
Use a separate checking and credit account for your business. Never commingle your personal expenses with your business expenses.
Keep track of all cash received and spent.
Hold on to all your invoices.
Keep all receipts for assets purchased, such as equipment, vehicles, furniture, etc. Your bookkeeper will need this information to track the asset and its annual depreciation.
Luckily, technology has evolved tremendously in the past 10 (even five years). Many online tools can help you effortlessly keep track of your finances. By working with GritForce Bookkeeping, you will have access to Hubdoc, a leading cloud-based document management tool.
Hubdoc gets your key financial documents in one place automatically. Every time a document is uploaded or fetched, Hubdoc creates transactions in your accounting system with key data inputted and source documents attached. With the Hubdoc mobile app, you can take pictures of receipts as you receive them. The receipt images also will be loaded into your Hubdoc account.
If you have questions regarding Hubdoc or other methods to improve your bookkeeping, please feel free to reach out to me at GritForce Bookkeeping here. I would love to sit with you to discuss your business needs.
Accounting for Small Business Owners. (2015). Berkeley, California: Tycho Press.