According to statistics, in-house bookkeeping employment is projecting to decline by 1.5% in the next couple of years. And while this might come as a surprise, it makes you wonder what outsourced bookkeeping companies know that we don’t.
Let’s face it. As the use of technology changes, so does everything else, including the way we handle accounting. But what’s the trick when it comes to handling bookkeeping for small businesses?
Keeping your accounting records in check when trying to find your feet as a small business is vital. Here’s how to handle small business bookkeeping.
1. Categorize Expenses
Out with the old and in with the new! One of the significant hacks when it comes to digital small business bookkeeping is your ability to categorize expenses easily. While traditional accounting encourages paper receipts, modern bookkeeping systems can track all your expenses within a click of a mouse.
2. Link Bank Accounts
When it comes to small business bookkeeping, paying bills can be a big hassle. Especially when you’re dealing with multiple accounts that require different credit cards.
Fortunately, modern bookkeeping can put your mind at ease. Accounting systems nowadays are designed to make tasks, like paying clients on time, easier for the user.
3. Hire a Bookkeeping Service
Businesses nowadays are saving hundreds of dollars by outsourcing an accounting company for their small business bookkeeping. Not only are they experts in their field, but willing to give you a thorough consultation on what your current bookkeeping may be lacking.
If you’re looking for bookkeeping services in Somerville, be sure to visit Somerville Plaza and take a look at the services they have to offer.
4. Reconciling Made Easy
Let’s be honest. When it comes to reconciling accounts, procrastination kicks in. Whether you’re dealing with year-end or month-end, gathering all the data needed to reconcile can be a daunting task.
Fortunately, small business bookkeeping makes reconciling easy. With modern accounting systems, everything you need is accessible within the click of a mouse.
But if you want to compare accounts payable and receivable without shuffling through piles of paper, hiring an outsourced bookkeeper may be your best bet.
5. Store Receipts
As a rule of thumb, it’s recommended that you store important documents such as receipts for a year. Not only do you need them for year-end reconciling, but you want to make sure you are not overpaying for a service.
Fortunately, small business bookkeeping can store your receipts. Whether you want to scan them or take a photo, the receipts will be kept on file until disposed of.
More on Small Business Bookkeeping Here!
Whether you’re looking to learn more about small business bookkeeping or want to keep up with the latest in the world of business, we’re here to help.
We know how hard it can be to find a trusted platform for all of your entrepreneurial needs. Fortunately, we’ve created the perfect site that will help you get your business to where it needs to be. Keep browsing to discover all of the business resources we have to offer.