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4 Bookkeeping Tips for Small Business Owners from Premier Denver Accountants

April 6, 2016

Handling records for your small business can be hectic. It is important to stay organized and maintain a plan. By utilizing a plan for your business’ accounting in Denver (whether it is you or someone in your company), you will be able to give various expenses the attention they need to maintain things for your company.  Below are five tips to utilize for your small business:
  1. Learn the Basics: It may seem simple to assume monetary expenses will all work out - or even out. However, if you have begun to run your own business, make it a top priority to understand proper bookkeeping skills or the steps necessary to implement them. Take some time to study your company’s expenses and begin to create a plan for the future. Also, invest in learning the basic skills to ensure your bookkeeping skills are on point. Whether you find an online course or perhaps find a program to take classes, it can only benefit you to get off on the right start if you don’t have a professional to manage it for you.
  2. Future Planning: Adding to the previous tip, you need to plan ahead. You should know your current state of affairs and be aware of possibilities for the future and create contingency plans. From there, you need to budget and save money from what comes into your business for the supplies, events, emergency situations and all other related expenses.  
  3. Track All Expenses: This tip may seem obvious. You may be thinking, “I do this already.” However, it is important to track everything from business dinners to running to the store for extra printer paper. Every detail for the business needs to be recorded. According to Entrepreneur, this will also help you obtain certain tax write-offs for your Denver business tax preparation. If you plan on using anything as a tax write-off, be sure to hold on to those records and have them prepped come tax time.
  4. Create a Schedule: When putting all of the bookkeeping puzzle pieces together, in order to keep with a plan, it is best to schedule time to handle the finances for you or your small business. Depending on your field, you may need to tend to certain financial matters bi-weekly, monthly, etc. Find a pattern that works within your schedule and makes sense. Be sure to review and update your records during those scheduled times and never put it off.
Whether you are a seasoned bookkeeping pro or are new to this part of a business, Bloch, Rothman and Associates can help! Our premier Denver accountants can get you on the right track from programs to use to building a structure for all your local financial matters. From tracking expenses and what customers owe to cash flow projections and tax-related reports, our quality services have you covered. Need help with payroll? We can help you manage that as well and be sure your sales tax information is in place properly. As your go-to expert, we will relieve you of the burden and ensure you are in compliance with state and local laws. Learn about our bookkeeping services and fill out our form to initiate your free consultation.