 It’s not every day entrepreneurs think about the accounting processes within their business. Accounting is not all about just collecting revenue but more so about the steps it takes to ensure the process to collect money does exist and is clear to the leaders and staff.
There are no shortages of details to consider when you’re a small business owner. Getting the back-office basics of accounting in order can make or break a business as it exist in any phase -- start-up, growth or expansion. Let's think about it, fees alone can be “atrocious” thus many experts recommend using an accounting software that will capture all accounting aspects of the business. It is important to pick a software that will suit your business needs not those of a colleague or friend. I say this because what is good for one business owner may not be good for another. However, if you are a business that cannot afford the cost of an accounting software and would rather maintain control in Excel worksheets then it's highly recommended a procedure guide is developed. The guide will provide direction and transparency to an important process within your business. Get your small business in order by starting with these accounting tips: 1. One of the obvious and repeated suggestions is separating business and personal expenses. Open the business bank account as soon as you start accepting or spending money on the business. When it’s time to tally up deductible expenses, you want to be ready. Start today! 2. Understand when it’s time to pay for support. Choosing to hire a consultant or outsource a part of your business process can make a big difference. Not only do you get some of your time back to use on bigger projects you are also investing someone who speaks the professional language in those specific areas. As a new business, your time matters! 3. Dedicate time to update your records. Many business owners may choose not to hire a professional consultant to support with updating their accounting records or performing data entry. However, this decision can make a difference in the business. 4. Follow Up on Invoices and Receivables. Many business owners still invoice their customers and wait for payment. It will be key to plan for necessary follow-up calls to ensure the expected revenue remains consistent as budgeted. These accounting tips are all great ways to make small changes. In the beginning, it probably is not necessary to hire an accountant full-time. The best way to manage in the beginning is by outsourcing the accounting services, which enables you to pay only for the exact accounting support your startup needs. The issue with many small businesses is that they avoid this area of their business, and then the business fails. Remember that proper, responsible time management of any task, especially accounting, is key. Fontenot & Associates Solutions LLC, specializes in accounting and business operations services because we understand and recognize the importance of accounting processes and strive to be a part of the solution to building successful businesses, one at a time.
29 Comments
4/12/2020 04:37:48 pm
These accounting tips are all great ways to make small changes. In the beginning, it probably is not necessary to hire an account full-time. The best way to manage in the beginning is by outsourcing the accounting services which enables you to pay only for the exact accounting support your startup needs. 8/17/2021 04:03:34 am
I loved when you talked about how it is important to come up with an efficient accounting system for your business from the start.thanks for this information 7/7/2022 06:46:40 pm
I agree that you should dedicate time to updating your records from time to time. I need to get an accountant to check our office records. I don't think our records are organized correctly. 8/1/2022 08:09:11 pm
It's really alarming to read how bookkeeping is something that can cover a lot of aspects about business. This is something I can definitely see requiring the skill of an expert, especially if it's for a business that's trying to start and make it into the big leagues. If ever I tried to start my own business, I'd definitely hire a bookkeeping expert for the job. 8/4/2022 05:24:43 pm
I like how you said that you can have more time to focus on bigger projects for your business by outsourcing your accounting services. My cousin runs her own small business, and she is spreading herself thin doing so much work. I'll suggest that she reduce the work on her plate by hiring a professional accountant. 8/9/2022 07:08:22 pm
I never knew that the basics of accounting should be prioritized to have growth development in your business. A friend of mine told me last week that he was looking for business accounting services that could provide help and proper planning for the tax preparation of his business, and he asked if I had any idea what could be the best option to do. I like this instructive article, I'll be sure to tell him that it will be much better if he consults trusted business accounting services as they can provide more insights about proper planning. 9/29/2022 10:21:27 pm
I appreciate you pointing out how getting the back-office fundamentals of accounting in place can make or ruin a firm at any stage. My business will now be located in an office after two years of operating online. In particular, I'll use a small business bookkeeping service to assist me with my accounting. 9/30/2022 04:19:01 am
It's true what you said about efficiency being key to any successful business. I loved hearing your expert advice on how we can create an effective system for our company from day one! 10/7/2022 01:51:49 am
Thanks for sharing such nice information about accounting tips for business. Your explanation is easy to understand. Nice work keep it up 10/27/2022 09:53:34 pm
I appreciate that you explained that knowing the basics of accounting could help your business grow. The other night, my brother informed me that he and his business partner were looking for outsourced accounting to properly handle their tax return and planning. He asked if I had any idea what would be the best option to consider. Thanks to this informative article. I'll tell him he can consult an outsourced bookkeeping service as they can provide more information about the process. 11/1/2022 01:45:39 pm
My aunt wants to open a nail salon next spring, and since she'll invest a large sum of money in it, I think she'd work with a financial specialist. That's why I'll share your article with her and suggest she hires an accounting professional to avoid time-wasting mistakes, as you suggested. I appreciate your information on how to accounting specialists have the knowledge to understand financial terms. It's interesting to know that the software to be used for your accounting needs has to suit the kind of business you have. I guess this means that you also need to find a professional who has experience and knowledge of the kind of company you plan to build. For example, it would be a good idea to hire a cannabis business bookkeeping accountant if you plan to open up a dispensary of marijuana for medical purposes. 12/14/2022 07:07:50 pm
I am so glad you shared this information. It is very helpful for me. 12/19/2022 03:05:39 am
I love this post! 12/27/2022 08:44:52 am
My friend has been having a hard time managing his expenses for his business. It makes sense that he might want to get an accountant to help out with that. That seems like a great way to ensure that he can file his taxes accurately. 1/10/2023 10:41:51 pm
I totally agree when you said that there is a huge difference when you hiring a professional for your business process. In my opinion, handling finances in your company can definitely be a complex thing, because it will make or break your source of income. So it will probably be a good idea to look for bookkeeping services for small businesses even if you are just a startup to actually have enough funds no matter what happens in the future. 1/16/2023 06:13:01 pm
Many small company entrepreneurs are skilled at running their companies. They could not, however, be sufficiently knowledgeable about bookkeeping and accounting. The laws and rules that must be followed by businesses at the local, state, and local levels are also likely to be unknown to business owners. 1/25/2023 04:38:48 pm
I love how you point out the importance of separating business and personal expenses. I have a friend who owns a small local shop and she's not used to having to do complicated taxes. We've been looking into finding an accountant to help her get everything in order and avoid filing mistakes. 3/2/2023 05:44:45 pm
I can understand how a company could really benefit from keeping proper track of its finances in order to pay everyone properly. Getting a professional to do their bookkeeping for them could be really useful for them. It was interesting to learn about how it can be worth it to pay for support because it is an investment in time. 3/6/2023 05:25:17 am
If you're a company owner, you'll find some helpful advice on how to handle your accounting here. The author provides useful suggestions, such as using accounting software and maintaining meticulous records. This blog is a great resource for business owners who want to better their accounting practises because the tips are well-explained and simple to understand. 3/17/2023 12:04:33 am
Four suggestions are provided in the blog entry, including keeping track of expenditures, comprehending financial statements, organising financial records, and employing a certified public accountant. The author thoroughly explains each idea and offers helpful advice on how to put it into practise. The information in this blog article is helpful for business owners who want to become better at managing their finances. 3/23/2023 08:42:17 pm
Good point about following up on invoices and receivables. My taxes are due every quarter and I still don't know how to properly file them. I'll have to consider getting an accountant to help out. 4/28/2023 04:36:11 am
When you own a business and are looking to streamline your accounting procedures, check out this post from Fontenot Solutions. Things like keeping detailed records, balancing bank statements, and examining financial documents routinely are all discussed in the post. This post is well-written and detailed, with helpful suggestions for any organization that needs to tighten up its accounting. 5/12/2023 12:29:00 pm
I thought it was interesting when you talked about how the decision to hire someone to help with accounting records can make a big difference. As far as I know, payroll is a service that can take a lot of time if you run a big company. Working with a bookkeeping service could be a good way to simplify the payroll process. Your comment will be posted after it is approved.
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