5 Accounting Tips for Small Business Owners 2013

5 Accounting Tips for Small Business Owners: Imagine you run the local coffee shop on Main Street in your small town. For the most part, your days are consumed with the coffee beverages and espresso you provide to caffeine addicts. Making great coffee drinks and providing a warm, cozy atmosphere for your customers are top priorities, but the bottom line is you need to make a living. Chances are you can't hire an accountant or a financial manager to take care of bookkeeping, so these tips and tricks will help ensure that you maximize the investments for your small business. 

  1. Open up a business account and a business credit card, and keep it separate from your personal accounts. This helps keep things simple, allowing you to have access to the funds you need for your business only. Dependable options include the American Express business credit card, but don't forget to use it for business expenses only. It will make things easier in the long-run and for tracking deductible expenses.
     
  2. Record all of your transactions from the first day you are in operation. The most basic step for bookkeeping, transaction recording can also be an overlooked step. It is crucial to be meticulous about your records. You can choose to do it by pen and paper the old fashioned way, or you can utilize software such as QuickBooks. Online options such as Outright.com are available as well.
     
  3. Remember that you will need to file your taxes quarterly. Self-employed tax payers don't just file their annual taxes in January, they also have to make quarterly payments to the government. Figure out what you will owe each quarter, and remember to put aside the money. Consider it another bill that you have to pay, and if it helps, invoice yourself to help with tracking.
     
  4. Take advantage of tax credits and incentives available to you as a small business. You might be surprised to discover various benefits, such as child care credits, health care and home office credits. Avoid making too many entertainment deductions, as these can look suspicious to the IRS.
     
  5. Take the time to understand the jargon of the small-business industry, or else you will easily and quickly become overwhelmed and stressed. Terms like general ledger, accrual and chart of accounts might sound like a foreign language to you, but ignoring them or making assumptions about their meaning can cost you. Resources are available to help you, including the Small Business Development Centers and the American Institute of CPAs.
These tips can help you create a clean and organized slate for your business. Remember, that a business credit card statement can help you reconcile your monthly expenses. Don't forget to record every single transaction you make, and keep all invoices organized so your bills are paid on time. When your accounting is in order, you will have more time to focus on the things that matter — like perfecting that latte or reserving the perfect guitarist to play live at your shop.

13 comments:

  1. Thanks for providing useful tips on small business account management. It's always hard to manage small business.Your post gives some useful tips for small business.

    ReplyDelete
    Replies
    1. Getting the right small business management such as accounting is the most important thing for an entrepreneur

      Delete
  2. Installerex makes cloud base installers ,Installerex expertise on the download monetization. The company owns a multitude of websites which hosts hundreds of thousands of installs on a daily basis. So going back to what Installerex is, it basically is being able to get your product to the right target market. If you have a particular product or downloadable content, Installerex will ensure that it gets to the right people using their channels.
    Installerex

    ReplyDelete
  3. Wow great list of tips.. accounting is the most important thing for a small business or even large business. It will help the businessman determine whether the business grow or not. Accounting may not easy but it pays off when you are able to know its advantages..

    thank you so much for sharing pals:)

    ReplyDelete
  4. At the same time, it also gives you updates with real-time information to see how your products are doing under its wing.
    When you are partnered with Installerex, you will also have the opportunity to access live reports they constantly create to help you measure how successful your products are. Installerex

    ReplyDelete
  5. it is great post. It’s undeniable that there now are a lot of talented application developers. Most applications do not even get to have the attention and due credit that they deserve simply because they lack the right platform. installerex custom installers

    ReplyDelete
  6. You can launch a menu on your phone desktop just like wind0ws ,that's so cool.You can change the menu item and the skin by the setting application. it is nice aricle.
    installerex custom installers

    ReplyDelete
  7. Earn from your downloadable assets. Installerex does it all for you. Installerex is also a trusted and stable company that adheres to standards in online security and protection. They certainly will not let your own applications be put at risk. installerex custom installers

    ReplyDelete
  8. Brilliant practical tips on things so easily overlooked. Useful for everyday life too.

    ReplyDelete
  9. Great thing to have an accounting tips for small business.

    ReplyDelete
  10. business owner needs to understand all the basics of accounting. business owner can also use accounting software too . i like the accounting tips and tricks you shared here..did get good information from here.

    ReplyDelete
  11. Hi there! Someone in my group shared this site with us so I came to check it out. I’m definitely enjoying the information. I’m book-marking and will be tweeting this to my followers! Excellent blog and excellent design and style.

    ReplyDelete
  12. Very informative post. thanks for the tips.

    ReplyDelete