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Five accounting tips for Edmonton small business owners

Woman Writing Financial RecordsSmall business owners have many responsibilities. In addition to running the business and serving their clients they must also maintain financial records and pay the bills. Truebooks in Edmonton has helped countless clients with their accounting needs. Founder Rosemine Furigay offers the following tips:
  • Make the time. It's critical to stay on top of your bookkeeping accounts. If you let receipts and invoices pile up, you'll have a mountain of work. Furthermore, you won't have a clear picture of how your business is performing.
  • Keep your business accounts and personal accounts separate. Many small business owners believe that it's acceptable to pay personal bills from the business account or business bills from their personal account. It's far more effective to keep these accounts separate.
  • Keep the receipts. From invoices of payments you receive to receipts of bills you pay, it's important to keep all of your receipts for at least seven years. Also keep payroll information, profit and loss statements, tax return information, and bank account and credit card statements.
  • Understand taxes. Learn what your tax obligations will be. This ensures that you are saving the right amount of money for tax payments, and it prevents you being surprised by quarterly document submittals or payment requirements.
  • Organize. Keeping track of your financial records is easier if you develop a system that works for you. Determine when and how you'll process paperwork, set aside time to enter data and manage your cash flow each week, develop an electronic or hard copy filing system to ensure that you can always find your information, and set up payment reminders.
Truebooks combines professional expertise with a full line of services to provide the exact level of support a client needs. To learn more call Truebooks today.

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