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Bookkeeping Secrets Every Entrepreneur Needs to Know

Bookkeeping:  love it or hate it, it’s a necessary part of running your business.  Without it, you have know idea how you are doing financially.  You can’t convey to investors that you are deserving of their attention.  How will you convince the bank that you deserve a loan?  Here are some secrets to making the most of this hated chore and converting it into a powerful tool for scaling your business.

Remember the number one.  

Touch paper only once.  Either immediately enter bills and receipts into your accounting software, or scan them into an app like Xero or Expensify.  You can read more about my favorite apps here.

Write checks only once a week. 

There’s that number one again.  Set a day of the week to write checks, and each week, take time on that day to pay your vendors.  By doing so, you will streamline the process and you can pay the bills and forget about them afterward.

Connect bank accounts and credit cards to your accounting software.

Seamlessly upload transactions directly from your bank and credit card company to streamline the bookkeeping process.  Automation saves you valuable time so that you can focus on your business.

Understand your financial statements.

Income statement.  Balance sheet.  Statement of cash flows.  What are they telling you about your business?  Take time to understand them and know what to look for.  If you don’t understand them, sit down with an accounting professional who can explain them to you.

Know when to call a pro.

Sure, you can do your own bookkeeping, accounting, and maybe even prepare your own taxes.  But wouldn’t you rather leave it to a professional who can save you time and money?  If you’re ready to cut back on the time you spend bookkeeping and convert that time into revenue-producing hours for your business, call me at 828-324-1661 to schedule a consultation and learn how I can apply these bookkeeping secrets to your unique business.

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Bookkeeping Secrets Every Entrepreneur Needs to Know

Bookkeeping:  love it or hate it, it’s a necessary part of running your business.  Without it, you have know idea how you are doing financially.  You can’t convey to investors that you are deserving of their attention.  How will you convince the bank that you deserve a loan?  Here are some secrets to making the […] Read More →

Chew on This: Meals and Entertainment Expenses

IRS Notice 2018-76 clarifies the new rules around food and beverage deductions under the Tax Cuts and Jobs Act (TCJA).  The TCJA eliminated the traditional 50% deduction for business meals and entertainment, effective in 2018.  Therefore, businesses can no longer deduct the cost of expenses relating to entertainment, such as the cost of sporting or […] Read More →

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