10 Essential Bookkeeping Tasks Every Small Business Owner Should Know

by admin
10 Essential Bookkeeping Tasks Every Small Business Owner Should Know

Are you one of the small business owners? If yes, then it is mandatory to hire an expert bookkeeper in Adelaide. But it is not enough.

Here are some important bookkeeping tasks you should know.

  1. There should be a demarcation between business and personal finances

Do not mingle personal and business expenses and income.

You should open a business bank account as soon as you decide to go through with your business.

  1. Use automation as much as you can

You need cloud-based bookkeeping software to make your business banking online. When you do that, you can sync your bookkeeping software with your business bank account.

  1. Ask an expert

You should consult your accountant to check if you can use off-the-shelf accounting software or customized software.

An expert bookkeeper in Adelaide will be able to guide you and suggest software for you and tell you how to use it.

  1. Perform regular financial checkups

If you ignore financial books, you end up with many things that are undesirable. Hence, you must check the books of accounts regularly.

  1. A quarterly review is mandatory

When you take an in-depth look at your bookkeeping and accounting records every quarter, it gives better control over the business. You should talk to your accountant to understand the big picture.

  1. Always manage your business expenses

You should consult your accountant for guidance on different types of expenses you can deduct in the coming financial year. You can simplify expense tracking by using a business credit card for business purchases and managing business expenses well.

  1. Log your employee’s working time

You need to clock the working time of your employees by using good time-tracking software. It can be done by implementing a state-of-the-art system.

Choose a bookkeeper in Adelaide that suggests you’re the bookkeeping software.

  1. Always look into your accounts receivable

When customers don’t pay timely, the cash flow of the business gets impacted. Therefore, you should pay a close watch on your accounts receivable.

  1. Always follow tax deadlines

You should always be ready with the tax planning. You should pay taxes timely so that you do not face fines. If you do not do that, then there is a possibility of getting caught short.

  1. Get help from a professional service provider

Service providers can help you with all aspects of small bookkeeping and accounting processes for small businesses. They have recommended qualified accountants and experts. If you are not comfortable with accounting, then it is better to hire a professional service provider.

You may also like