The job of a business owner is far from an easy one. At one point, your dream was just a thought in the back of your mind or an entry on a vision board. Now, though, it’s your reality—and you’re probably dreaming of taking it to the next level.
There are many great business growth services out there that can contribute to your efforts to build a successful enterprise, such as digital marketing and other promotional services. One thing that you should especially consider investing in, however, is bookkeeping services.
Business owners often don’t think of accounting and bookkeeping as a business-building effort. However, it plays a bigger role in growth than you’d think! A4E is an invaluable resource for this as we aim to ease the burden of the numbers game, leaving you with more time to handle other things. The last thing any entrepreneur wants to happen is financial errors and miscalculations, which is what outsourcing bookkeeping services can do for your business.
Here are some tips we at A4E have for your SaaS or tech company when it comes to accounting and bookkeeping:
1 – Separate Personal And Business Finances
While you think you may be able to save time and money by letting the lines between personal and business finances blur, it can result in a massive headache in the long run. Starting up a company means keeping its finances independent from yours, so start a bank account for your business on the get-go. Business bank accounts can assist you in sticking to a budget, organize records, and keep finances in order.
2 – Utilize Automation Services As Much As Possible
Automating things is something that those living in the 21st century are blessed with. With the help of accounting software, you spend less time on spreadsheets and manually inputting information. This gives you more time to handle other business matters. Do research on the best accounting software that fits your budget and offers the best features for the price. We recommend Quickbooks, which is used by millions.
3 – File And Keep All Records Available
Make sure you keep track of all invoices, receipts, expenses, and all other finances going in and out of your business, as you’ll be facing trouble if your numbers don’t line up. Remember that finances need to be accurate and always on-the-dot, because money is the topic of discussion, therefore needing extreme scrutiny when conducting financial procedures.
A tip is to keep paper records in proper folders that are organized and locked in filing cabinets. Otherwise, use scans or photos of records and upload them to a business cloud storage account for safekeeping. You can use tools like Google Suite Drive and Dropbox.
4 – Create Deadlines And Set Reminders
When it comes down to business, there is no doubt that as an entrepreneur, you can miss out on important dates because of how busy running a business is. Try setting reminders on your phone’s calendar, which will help you avoid missing deadlines and will keep your books ready during tax season.
If you find yourself missing out on deadlines for accounting and tax filing, it would probably be best to hire an accountant for entrepreneurs, as they can assist with bookkeeping services each year for the best results. Not only will you worry less about deadlines, but you’ll also get them right each time!
5 – Leave An Audit Trail
Just like how Hansel and Gretel left a trail of breadcrumbs to be able to find their way home, leaving audit trails to assist you in accounting will greatly help. An audit trail is a set of documents that show transactions you record in your bookkeeping and can help you track down transactions and see if they are correct. These can come in the form of purchase orders, estimates, and invoices, which assist with preventing fraud and improving accuracy.
6 – Keep Bookkeeping At Top Priority
It is tempting to push aside the accounting and finance side of the business, especially when you find yourself making more and more money each month. However, remember that finances are the fuel that helps your business run, and these are needed to keep track of everything and make it all run smoothly. We recommend spending at least an hour or two every month on a nice, comfortable Sunday morning.
Infographic to summarize the top 6 tips
Bookkeeping is extremely important, but is also quite difficult to manage, especially if you plan to DIY them as a business owner. Unless you have sufficient knowledge of accounting and other financial aspects that assist in business growth, it is best to leave it up to the accounting professionals.
As the best bookkeeping services in Boston, A4E is committed to helping your business grow. With over 20 years of combined experience, we know bookkeeping and taxes for SaaS and service-based businesses. We’ll manage the accounting headaches for you. Contact us today to learn more, consultations are always free.