It is vital as a business owner to have a handle on your finances. It can make or break your business. Bookkeeping is an essential part of owning your business so that you have the financial data that you need to make informed business decisions. However, bookkeeping is also a huge job that takes diligence and consistency. It is also a task that can easily take the back burner at times. This can lead to bookkeeping that is behind and inaccurate. Mark Dicus & Company is here to share some of our best tips to help catch up on your bookkeeping when you have fallen behind for one reason or another.
Tips to Catch Up Bookkeeping for a Small Business
If you have fallen victim to a backlog of bookkeeping, here are some tips to help you catch up.
– Gather Receipts: When doing business, there are going to be invoices and receipts that you have to keep track of. The first thing to do when your bookkeeping falls behind is to gather these receipts and invoices. This will include customer invoices, debt collections, business expenses, and vendor accounts. All of them are necessary in the world of bookkeeping.
– Reconcile Bank Accounts: Another important part of catching up your bookkeeping is to reconcile your bank accounts. You should have accounting records that you can compare to your bank transactions to ensure they have the same balance. If there are any errors, this is the time to fix them to make sure your bank accounts mirror your business records.
– Separate Personal & Business Expenses: The best way to keep your bookkeeping records accurate and up to date is to keep your personal expenses and your business expenses separate. If you don’t, you will be help personally liable for the debts of your business. This can eliminate a lot of stress that comes with bookkeeping when the two are intertwined.
– Go Paperless: A tip that might be extremely helpful if you are still keeping your records using handwritten records, is to go paperless. This can be time consuming and isn’t often as accurate as paperless bookkeeping. This isn’t a process that is as daunting as it sounds either.
– Work with a Professional: Bookkeeping can be a lot of work for business owners that are already stretched thin. The best way to avoid errors in your bookkeeping as well as a backlog is to hire a professional to take care of it for you. This can help you focus on your business that way that you need to.
Tax Preparation, Filing, Planning & More in Salt Lake City, St. George, West Valley City, Provo, Orem, West Jordan & Greater Cedar City, Utah
If you are looking for help with bookkeeping, you can turn to Mark Dicus & Company to ensure your bookkeeping is up to date and completely accurate. This provides business owners with the financial data that they need to make wise business decisions and grow your business and reach your goals. Call us today!