Does talk of receivables and cash flow send you running? Whether you operate a franchise or a service firm, keeping the books is vital for the health of the company. Follow these tips to understand and embrace the power of small business bookkeeping.
Bookkeeping is largely a transactional process that involves:
Similar to sales calls and customer service, quality bookkeeping is an essential part of day-to-day operations. For example, it lets you know whether you have enough cash on hand to make payroll and keep creditors away. It also allows you to satisfy tax authorities and plan for the business’s future.
To reap the biggest benefits, organize and systematize your bookkeeping efforts. SCORE, an American non-profit run by business leaders, recommends the following small business bookkeeping tips:
These small business accounting tips may not eliminate your dread of bookkeeping, but they can take away some of your concerns. Make a few changes today to boost profits and improve how your business functions.
At Verdeja, De Armas & Trujillo, LLP, our team of Miami accountants is dedicated to providing personalized and financial guidance. We provide accurate and comprehensive financial statements as well as in-depth business analyses. Contact us today for a small business accounting consultation.