Four Bookkeeping Tips That Can Save You Money

Bookkeeping is essentially one of the many factors that bring forth business success. For a company to grow, the owner should ensure that bookkeeping is done efficiently. Here are four tips that will make it easier and cheaper to manage your books.

 

Organize your receipts

Keeping your receipts organized can be very difficult especially if you are busy managing your business. However, one of the simplest methods of making bookkeeping cost effective is organizing your receipts such that the accountant does not have to sort them out for you. When organizing them, arrange them by category for sole proprietors and by payment method for corporations. Other receipts tips include: Keeping receipts and documents in one place, not keeping receipts that cannot be claimed, and saving Online receipts on flash drives.

 

Keep personal and business accounts separate

Bookkeeping will be a lot easier and cost effective if these two are kept separate. Mixing the two creates an enormous financial confusion that might require sorting out every quarter. Doing so would thus mean that one has to pay more for bookkeeping to be done.

 

Avoid using cash when transacting

When you use cash, it becomes quite difficult to keep track of your finances. Therefore, it is possible for one to lose track of the transactions. This could mean more work to the bookkeeping and thus more costly. On the other hand, if a debit or credit card is used, it becomes easier to keep track of your transactions.

 

Outsource bookkeeping services

Bookkeeping is very sensitive, and one cannot take any chances. According to research carried out by Sage recently, seventy-seven percent of new businesses will prefer not to hire an accountant. Despite the fact that hiring bookkeeping services in Miami is an expensive affair, it is worth it. Hiring an expert not only helps you to save money but the expert can also give you advice in case the IRS knocks at your place. While getting a bookkeeper, you can also hire a Miami tax preparer for all your tax preparation tasks.

 

Call us today to discuss your immediate or future needs!  Jodie Fish, Manager of the Bookkeeping company can be reached at jodie@azbookkeeping.net or feel free to call her at (480) 203-2100. We also offer tax solutions as well as payroll for officers of S-corps.  If interested, please contact our tax department at info@njfishcpa.com or 480-857-3048.