Accurate bookkeeping gives you a clear picture of your company’s finances so you can budget, plan and pursue your financial goals. Here are a few best practices for small business bookkeeping:
1. Be proactive about reviewing and reconciling. Promptly review bank statements and reconcile your accounts within 14 days. A back burner approach to bookkeeping can be financially detrimental.
2. Seek professional assistance and advice. You don’t have to do it all. Get assistance from a practicing bookkeepers/accountants. They can help you set up a cash or accrual accounting system that is appropriate for your industry – whether you are a manufacturer, wholesaler, retailer, contractor or professional service, etc.
3. Utilize software and online banking resources. Accounting software for small businesses can track income and expenses, as well as generate automated financial reports. It can also integrate with business online banking services offered by banks, which can help make financial management of your company easier, more organized and efficient.
#beproactive #financialgoals
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