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Bookkeeping Tips for Small Business Owners

For most small business owners, every penny counts. And that’s why it’s important to hire a small business bookkeeper. Whether it’s someone on-site every day handling your small business bookkeeping or a virtual bookkeeper, that person performs an essential role. But did you know there are a few tips you can use yourself to improve your bottom line?

Take Your Bookkeeping Seriously

The longer you put off bookkeeping tasks, the harder it is to catch up. And bookkeeping is really important – the financial reports you submit for bank loans, investors, and others are based on your books so they need to be accurate.

Don’t Get Personal At Work

And just to be clear, we’re talking money here. Avoid co-mingling your home finances and your work expenses. Separate bank accounts are best, and the sooner the better.

Look to the Cloud

Cloud accounting software, that is. Using this kind of tool for bookkeeping tasks ensures that you can always access your files remotely, no matter where you are. The special features provided by many software programs also helps you stay on track with bookkeeping tasks with reminders, automation, and more.

Don’t Mess with the Tax Man

It’s really important to understand how small business tax laws affect your business. Typically, small business taxes are paid differently than personal income taxes, and at a different tax rate, too. Read up on this or consult with your accountant well ahead of time so there are no surprises later. Do make sure you review federal tax laws as well as those that are local to La Veta, CO.

Plan for a Rainy Day

As with most things in life, saving some pennies for a rainy day is a good idea. Setting up an automated savings plan can help keep you on track.
Small business owners have a lot to do, and most could be easily forgiven for not making their bookkeeping a priority. However, the more you’re on top of your business’s financial matters, the more prepared you are to make good money decisions for your company. The role of a bookkeeper is vital, no doubt, but using these tips can go a long way in making your, and your bookkeeper’s, lives easier. Contact AMR Bookkeeping today for help with your small business bookkeeping!