Tips to Set Up Your Bookkeeping System

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Are you starting a new business and want to make sure your financial records are in order? The days when business owners kept receipts in a shoe box and stored their information in old file cabinets in the back office are long gone. For today’s business owners, it’s important to be up to speed on best practices for bookkeeping, so your business can be successful.

Tips to Set Up Your Bookkeeping System

Here are a few tips for setting up your bookkeeping system if you’re just getting started:

  • Choose Software. One of the first things you’ll want to do is choose a bookkeeping software that makes sense for your needs. QuickBooks is a popular option, but there are some other programs that may work for you. You can even look for QuickBooks training to make sure you get started on the right foot.
  • Set Up Accounts. Another step is to set up all of your accounts, so you have a clear method for tracking incoming and outgoing funds. This could include your payroll, tax, savings, and expenditures accounts to start. You may need to add more accounts depending on the type of business you are operating.
  • Plan for Maintenance. Just like you’ll want to do a quarterly review of your finances for your business, you’ll want to plan for some maintenance to your bookkeeping software and your financial records. Knowing in advance when you want to work on these things can give you plenty of time to plan for downtime or a change in your normal routine while maintenance is completed.
  • Work with an Accountant. Working with an accountant could save you lots of time, money, and frustration as you look at bookkeeping solutions for your business. Even if it seems like it’s too early to go this route, the truth is you can never work with an accountant soon enough!

At Balanced Bookkeeping of NC, we’ll be happy to assist you with your accounting needs. Reach out to us today to learn more about our services!