Let’s face it: no one actually loves accounting, taxes, or incredibly precise money management. At best, your business makes it blessedly easy and it might take only a little bit of time a month. At worst, you’ve got so many employees, products, or services (or all three!) that it’s a weekly nightmare that has you pulling your hair.
Now, what if we told you that it doesn’t have to be that way?
Believe it or not, even for small businesses, there are some great tips and tools which can help make accounting a breeze! In fact, so much so, that it does itself. Don’t believe us? Read on to learn more! You’ll be shocked you never tried these before.
Integrate Your PoS Software With Your Books
If you’re fortunate, you’ve got a Point-of-Sale software which easily tracks your inventory, your prices, your sales, and even your customer rewards. But did you know that in some cases, you can integrate your POS with QuickBooks? And sometimes with other accounting software! Make sure to double-check the capabilities of your software, because this can save you a ridiculous amount of time. Generally, you can even link webstores with accounting software, so this is a big tip for website-based stores, retailers, restaurants… just about everyone!
Separate Business and Personal Expenses
If you ever use any deductibles, it’s important to have these separate! And it’s usually an item that many business owners drag their feet on. Given that it can take just an hour or two to set up separate accounts, no business owner should delay with this! Not only does it help ease up the pressure on differentiating between expense types, but it can help you make your deductibles much less of a headache to find.
Have A Strong Invoicing System
If you’re a small business owner, you’re probably aware that it can take a long time for other providers to pay your invoices. You can keep more liquid and have stronger accounting if you have a strong invoicing system which sends out regular notifications about waiting invoices and bills to your clients. Some studies indicate that doing so can help you get the money you’re owed substantially faster!
Use a Professional Accountant
You might think that it’ll be prohibitively expensive, but take it from us: you can find someone who’s in your budget! Having a professional accountant can not just help you identify better ways to be managing your money, but could also earmark possible tax savings. In fact, it’s broadly true that hiring a professional accountant will save you more money than they cost, and will keep you penalty-free on taxes. They’ll help keep you organized, too, and save you stress during tax season.
Take The Time To Look at Them
Even if you only really need to look at your accounting once a month, take a look at it more often than that! Roughly 15 minutes a week, in fact. Being more aware of the short-term trends in your business, your cash flows, and your liquidity can help you make better business decisions and be more informed about the business you’re running! Don’t let it stress you: it doesn’t need to be a negative experience! Instead, think of it like a broker checking the stock market: this is your investment, and you should look into it from time to time.
The Bottom Line
Accounting isn’t a lot of fun, but it’s necessary drudgery we’ve got to do! And you can lessen the amount of work (and the sense of gloom) by making your business accounting easier, more straightforward, and easier to digest all at a glance. Make sure that your sale systems update your accounting records automatically, and always use a professional!