5 Bookkeeping Tips to Get a Clear View of Your Business’s Financial Health

By imarketing

As a small business owner, it’s likely you wear a lot of hats. From marketing to managing employees to sourcing products, there’s a lot of tasks to oversee. So where does that leave your bookkeeping? Properly maintaining a record of your business’s expenses is vital to both day to day operations and its long-term longevity. Every single one of those numbers is crucial and even one small mistake could spiral into a much bigger problem. Proper bookkeeping and accounting is important because they serve as barometers for your business’s success. Fortunately, small business bookkeeping doesn’t need to be something you dread. It’s often the smallest changes in how you approach bookkeeping that can make all the difference for improving accuracy and reducing headaches. Ready to streamline your bookkeeping process and gain a clearer view of your business’s financial health? Here are five small business bookkeeping tips for getting the job done. Be Meticulous with Invoicing As a small business owner, you’re wearing a lot of different hats and it can feel as though your attention is constantly being pulled in several different directions. With so much going on, it’s easy to become a little lazy when it comes to keeping up with your invoices. If there’s one thing you make a priority for bookkeeping, it should be to become meticulous with invoice tracking and record keeping. Take 15 minutes each day to update invoices and make sure all accounts reflect current activity. Separation Is Important A mistake that too many…

5 Best Practices When Outsourcing Your Bookkeeping

By imarketing

Here’s the good news: your business is growing, and you and your team are busier than ever before. The bad news? You’re quickly realizing a few things: the recruitment, hiring and retention process for an internal bookkeeper is costly, and you just don’t have the time you need to do your bookkeeping. It’s time to explore outsourcing your bookkeeping. But how do you know you’ll get the quality you expect? Here are some of the best practices you should follow when considering to outsource your bookkeeping. Best Practice #1: Seek Out Experience The last thing you want is to put your books in the hands of an unestablished, inexperienced company. You need a company that has the know-how and the hands-on experience to handle anything you throw their way. Sure, a brand-new company might offer you a “deal,” but is it worth risking your business’s bookkeeping to take advantage of a discount? Better yet, an experienced bookkeeping firm reduces risk by taking several risk mitigating measures including being insured. You’re far less likely to fall victim to theft and be on the hook when you work with a company who has a longstanding reputation for excellent work. When you can read glowing reviews about the work that’s been done over the years, it gives you something truly priceless: peace of mind.   Best Practice #2: Ensure the Company Can Grow With You You don’t want to fully onboard a new bookkeeping service only to discover that they can’t grow with you or…

Bad Advice We’ve Heard About Bookkeeping

By imarketing

  Read about bad bookkeeping advice you should shy away from. Like anything essential—eating, sleeping, running a small business—we all strive to maximize the impact of our efforts. That makes us eager knowledge seekers, looking to learn as much as we can and apply our newfound insights to our own lives. Our eagerness often has the unintended consequence of sending us into the open arms of some bad advice. And unfortunately, there’s a lot of it out there. The business realm is, unfortunately, no exception. While we’ve seen plenty of bad business advice, some of the worst is reserved for bookkeeping. If you’re looking for advice on bookkeeping, chances are good you’re trying to improve your business, which means bad advice can set you on the wrong path. We’ve rounded up some “tips” it would be wise to disregard. #1 – Use a Family Member to Save Money When you’re starting your business, it’s OK to  start with family help, but as you grow, this can become a serious problem, especially if they are not a bookkeeping expert.  As a business grows, bookkeeping becomes a time-consuming task and becomes more complex.  If you don’t keep up with it you’re going to be in trouble.  And it’s not something you can put off. Here at Steiner Business Solutions, we’ve heard countless stories from well-meaning family members who have been overwhelmed by their bookkeeping efforts as a business grows, watching in frustration as their to-do list grows longer while bookkeeping takes more and more of their time. And this isn’t the only…