7 Accounting Hacks For Small Business Bookkeeping

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7 Accounting Hacks For Small Business Bookkeeping
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Introduction
How does tax time appear to you? do you remain
calm and organized like it is just any other
calendar year? Or do you go about running here
and there in mad panic to sort out all paperwork?
It is no secret that bookkeeping and accounting
are two important tasks that small businesses
face. Depending on your business need, you may
need a mix of both small business bookkeeping and
accounting to avoid all hassles during tax
seasons.
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1 Categorise Expenses
Anyone who has spent hours for categorizing
business expenses must appreciate this point.
Setting up proper categories for small business
accounting ahead of time acts like a huge saver.
Several accounting software allows you to set
your categories in the setting, meaning when
expenses come in, you need to assign them in
categories. It is easier than trying to remember
something later. So you need skilled accountant
for assistance.
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2 Store Receipts Immediately
Most businesses tend to be clear on income, if
you are running online businesses where payments
come in and are credited automatically through
payment software. But it is different when
monitoring expenses. If you are digging through
boxes, wallets, drawers, or looking for business
related receipts, you must know there is a better
way to stay ahead of them. Accounting software
lets you take photos of receipts and attach them
to your bookkeeping. So, you can categorize them
easily.
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3 Connect Bank Accounts and Credit Cards
The secret to hassle-free bookkeeping and
accounting is automating many functions. It means
you must take advantage of features in the
accounting software like ability to connect bank
accounts and credit cards. The functionality
allows transactions to be pulled through and
attach it to your small business accounting
software. To make this effective, you need to
make sure the business transactions go through
your business accounts and not personal
transactions.
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4 Reconcile Weekly (Minimum)
It is all about staying in good habits. As you
know many business owners procrastinate over
bookwork since they are not fond of it, but if
you set aside small amount of time each week for
reconciling, it isnt a big deal at the end of
the financial year. It helps you pick up errors
as close as possible to the time it happened- it
gets complicated if it isnt solved. The right
small business accounting expert can help.
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5 Automate Invoicing Requirements
When doing business across borders, the chances
are you may come across different invoicing
requirement for every country you have customers
in. What is the plan to deal with sales tax of
different countries? What about local rules for
what to include in invoices? There are
considerations since you dont want to end up in
position where you are being penalized for not
following proper procedures.
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6 Hire a VA
It is recommended that you keep a close eye on
your accounts and books, but if you are too
stretched out to do it yourself, hiring small
business accounting experts can help. They know
what it takes to offer you amazing accounting
services to keep your business in good condition.
They take care of your reconciliation with
oversight, freeing the time for other things.
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Jarrar Associates
For more useful tips in accounting and
bookkeeping https//jarrarcpa.com/