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Must Have Accounting Knowledge for Small Business Owners in 2021

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As a business owner, you are packed with so many things and we know the last thing you want to do is doing your accounting yourself. In this article, we will be collating some steps you can take to keep your accounting books nice and tidy without much effort.

Tip #1

Keep your personal and business finances separate

Instead of putting both your income and other funds in your personal account. To keep everything hassle-free, take the initiative to open a new bank account for all your business transactions. This way, you can save the time and effort needed to search through all your transactions to see which is personal and which is business.

Tip #2

Make sure your records are neat and tidy

Having neat and tidy records allows you to save time searching and more time doing other things. If you are someone who prefers a little clutter, this might be acceptable for your personal life but when it comes to your business accounting books, try to keep in good shape.

Tip #3

Remember and stick to tax deadlines

A looming tax deadline can be quite stressful especially if you have forgotten about it or made some mistakes which makes it longer to process. So, set a phone reminder, a countdown or just anything to send you a reminder a few days before the tax deadline so that you give yourself enough time to fill in your tax returns without any mistakes.

Tip #4

Keep all your receipts

Keep any business related purchase receipts so that you can claim for any business expense. It can be anything from a stamp to stationeries. Keep hold of all business receipts and file them, this is to ensure that your accounting books will be neat and tidy.

Tip #5

Set clear financial goals

Having good financial management is as important as any other aspect of your business. Thus, you need to set goals to keep yourself on track. Work out the different metrics that offer insights into your business such as cash flow, labor efficiency, minimum monthly profits. Have these benchmarks set to keep detailed records on how well they are met. 💪🏼

Types of Accounting Softwares

1. Xero

Xero offers an accounting software that helps you grow your small business such as allowing you to run your business on the go such as allowing you to reconcile, send invoices, view financial statements on a mobile app or even allowing you to send online invoices to your customers and get instantly updated once they have opened in.

2. Quickbooks

Quickbooks allows you to store all your data on the cloud thus allowing you to run your business from anywhere and on any device. You can expect to be able to easily track your cash flow such as being able to send custom quotes and invoices to get paid faster. You can build better business insights to see how your business fares.

3. Oracle Netsuite

Netsuite promises to deliver what others can’t. Netsuite provides you with real time information allowing you to report with accuracy and close with confidence. Also, Netsuite provides cloud finance and accounting solutions. Get your free product tour today to see how Netsuite can help you reach your business goals.

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