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Top Accounting Tips for Small Businesses:

1. Pay Close Attention to Receivables:

Getting paid is the most exciting part of running a business. Managing your receivables isn’t quite as much fun. When an invoice is issued, you record a receivable, meaning you log that a customer owes you money. By checking this listing you are able to easily see if a customer has an outstanding balance.

2. Keep a Pulse on Your Cash Flow:

When it comes to small business accounting tips, cash is everything. The more you understand the numbers in front of you, the greater your odds are at managing them well.

As you perform weekly and monthly financial reviews, consider producing a cash flow statement. These statements give you a broader understanding of cash movement within (and outside) of your company. A cash flow statement essentially monitors income direction. It also includes the element of time, enabling you to visualize payment cycles and seasonal expenses.

3. Log Expense Receipts:

Unfortunately, it is a common mistake for small business owners not to save copies of their expense reports. This can result in a wide range of tax, accounting, and cash flow issues.

4. Record Cash Expenses:

When you are an entrepreneur it is crucial that you track all the expenses related to your business. That way these costs can be subtracted from the amount of your total income when it comes time to do taxes.

5. Hire a Professional to Handle Your Taxes

Many people try to save money by doing their taxes themselves. In reality, if you don’t hire a professional, not having access to their accounting expertise can cost your business a lot of money down the road.


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Maintaining Your Books with Account-consultant

Account-Consultant combines the use of advanced software with the guidance of accounting professionals. Our customers benefit from a team of trusted, in-house experts ready to meet your accounting needs. Top Accounting Tips for Small Businesses to help you in manage your accqounting & Financial needs.

Our powerful software integrates with a variety of accounting software partners, such as  Xero and Quickbooks, to automate monthly reports and free you to focus on the success and expansion that you strive for with your small business.

When you are ready to hand off the chore of accounting and focus on the business you love, Account-Consultant is your financial headquarters. We have powerful software that can save you time and money to get started today.