For a lot of business owners, accounting is one facet of their company that they do not like to get involved in. But accounting does not have to be as bad as people make it out to be. With a little bit of perseverance and some planning, anyone can handle their small business accounting. Trinity residents who own a business do not need to become a certified accountant in order to make their business run more smoothly; they simply need to keep some little aspects of managing a business in mind that will help them and their accountant.
Recording Accurate Invoicing
Most people see invoices as prompts for clients to make payments, but this is not entirely true! Invoices do more than that, such as keep documentation of the terms of a transaction. With small business accounting, Trinity business owners need to understand that reworking or adding to an invoice, such as creating multiple versions or canceling is a great way to confuse both you and your accountant. Accurate invoicing makes it so that if any questions come up from your clients, you will be prepared with a record of previously-agreed-upon terms under which you and your clients operate.
Sort and File your Receipts!
Everyone knows that when you are filing for taxes or filling out accounting books that having receipts is an important aspect of cataloging and monitoring business expenditures. It is important to keep these receipts organized and sorted as this can be one of the most tedious aspects of small business accounting. Trinity business owners can be helped by categorizing the expense and date, and sometimes making copies of them helps as well. Overtime receipts can become lost or their ink can fade. If you have a photocopier, you can simply scan all of your receipts so you never have to lose track of expenses.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*