Financial Planning from the moment you open your doors…
Talk to any small business owner and one of their least favorite tasks would likely be bookkeeping. If you aren’t an accountant, or don’t enjoy working with numbers, then bookkeeping definitely feels more like a chore than an enjoyable part of operations. But if you establish sound habits early on in your business endeavor, something Margo’s Bookkeeping Services highly recommends, you could help to avoid common financial errors.
When you are lacking a fundamental bookkeeping system you become susceptible to unpleasant surprises, missed paperwork and forgotten due dates. While it may be easy to keep track of things in your head, or through your own system of tracking finances, when you add new clients, suppliers and contracts it’s hard to keep up. By having a trusted team of bookkeeping professionals, like those at Margo’s Bookkeeping Services, on your side, you are ensuring that your money is accounted for, your long-term financial goals are met, and you are improving your profit margin! It will also put you ahead of the game when it comes to tax season.
Here are Margo’s Tried & True Tips for Small Business Bookkeeping;
1) Prepare for Major Expenses: Is it possible that you’ll outgrow your current space within the next few years? Will your office and operational equipment need replacing? While planning for unexpected costs isn’t always possible, knowing your upcoming long term expenses will help you budget accordingly! Knowing that you’ll need salaries for seasonal staff in the upcoming months or will likely need to upgrade all of your computers within the next two years gives you and your bookkeeping professionals time to budget, plan and prepare, and save you a major headache!
2) Expense & Deposit Tracking: Keeping a handle on expense tracking is often overwhelming, which means that you could be forgoing beneficial tax credits and write-offs. That’s where Margo’s Bookkeeping Services comes in; whether you are using a business credit card or not, the account consultants at Margo’s Bookkeeping Services are on hand to keep you up-to-date and organized with payments, tax records and even audits. Likewise, having an informed record of your deposits throughout the year will ensure that you aren’t paying taxes on money that wouldn’t be considered income. Loans, revenue and account transfers in your business bank account categorize differently.
3) Be Prepared to Pay Taxes: Tax season arrives every year; you know it’s coming, so isn’t it better to be ready? Creating a system to put money aside for your tax payments throughout the year will alleviate financial and personal stress. Your remote bookkeeping service will help you make sure that the money required is there when you need it.
4) Stay on Top of Invoices: Assigning someone to keep track of your billing means that you won’t have late or unpaid bills to contest with clients or suppliers.
At Margo’s Bookkeeping Services, we assist countless business owners with their bookkeeping needs. Our knowledgable team of professionals will create a system that is logical, effective and functional, allowing the company proprietor to focus on client services and business development.