3 Easy Bookkeeping Tips for Small Business Owners
Bookkeeping should always be left to a professional. But depending on the structure of your business, it could be possible to tackle it yourself. Those with minimal expenses and a couple of clients can dedicate 5 to 10 hours a week maintaining their own financial records. Always weigh your options. Nonetheless, learn more about bookkeeping with these 3 tips.
Use a digital payroll system.
Many small business owners have a few employees. And to some, paper checks or cash are the go-to method for paying their employees. However, we advise against doing so. Owners need to consider tax deduction calculations and maintain a paper trail for accounting purposes. For example, incorrect calculations and forgetting to deduct the pay from your registrar could cause a negative impact.
As a result, we suggest investing in a digital payroll system. Digital payroll systems offer you a piece of mind. They calculate appropriate taxes and offer direct deposit for your employees. In addition, the paper trail is always accessible. Leading into the next tip, many bookkeeping softwares offer payroll.
Use a cloud bookkeeping software.
Modern technology has made bookkeeping simple. Business owners can invest in bookkeeping software which automates much of the tasks. For example, the software links to your business accounts to assist with claiming expenses and reconciling. QuickBooks is one of the more popular softwares. Most business and professional bookkeepers utilize it.
Hire an accountant.
All business owners need an accountant. The guidance they offer help your business grow and keeps you on track of your goals. An accountant offers advice on structuring your business, avoiding expenses, maximizing profits, filing taxes, and so much more. It is always recommended to hire an accountant at the start of any new business. He or she will guide you on the path to success to avoid costly mistakes, especially with bookkeeping.
Contact Ash CPA for Bookkeeping and Accounting Services
Speak to our team today. We have over 20 years of experience and offer complimentary consultations. In fact, Ash Wasilidas, CPA has assisted many business owners with their bookkeeping and accounting needs. Learn how your business can grow with us. Call (617) 462-6651 or request an appointment online. Also, visit us at 945 Concord Street, Suite 100 Framingham, MA 01701. We proudly serve Framingham, Wayland, Natick, Southborough, Marlborough, Ashland, and Sudbury.