Accounting Tips for Small to Medium-Sized Businesses [infographic]

At Balanced Bookkeeping of NC, we offer a variety of accounting services at our Mebane, North Carolina firm. Whether you are starting a new company or you already have an established business, we understand that there may be some accounting tasks that you would prefer to outsource rather than handle in-house. Whether you have us handle everything or just certain aspects of your accounting, we thought we’d share some accounting tips that can prove useful for small to medium-sized businesses.

• Stay Organized– Being organized in every aspect of your business is critical for success, and that is very true when it comes to your accounting. It is really difficult to make sound business decisions when you don’t have a clear picture of the financial health of your company.
• Keep Accounts Separate– Don’t try to manage your personal and business expenses from the same account. In addition, don’t pay personal bills from your business account or business expenses from your personal account. It is far too easy to miss out on a deduction that way or make a potential audit a real nightmare.
• Include an Emergency Figure in Your Budget– Remember that Murphy’s Law applies to businesses as much as it does your personal life. If something can go wrong, it probably will, and if you don’t hold some funds aside for unexpected situations, you could find yourself stressed out and needing a high interest rate loan.
• Stay on Top of Accounts Receivable– Forgetting to invoice and not following up to get payment will lead to financial trouble. If you struggle to keep up with invoicing or collections, consider turning this task over to us.
• Have a Budget– You should always have a minimum profit amount in mind that you want to earn and have a budget set up to accomplish that. Not keeping up with your accounting and budgeting can leave you wondering where all the money went. Be sure to track your expenses daily so you can be sure you are on track with your budget allocations while you can still make changes to reach your monthly projections.