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6 Essential Bookkeeping Tips for Small Business Owners

As a small business owner, one of the most important things to keep up to date, and accurate, is the practice of bookkeeping. With good financial records, youâll be able to manage deposits, debts and credits through proper records. If youâre unable to maintain the accuracy of your financial information, you run the risk of poor cash flow, or even bankruptcy. Ask any prosperous businessman the secret to their success, and most will pinpoint timely, and accurate bookkeeping as the key to growth. We bring you the top 6 Perth bookkeeping tips for your business:

1. Be Relentless with Invoices

Late or unpaid invoices will affect your business cash flow and thus, it is important to invoice on time, and to follow-up with clients for pending payments. Ensure that clients donât place new orders until they settle their previous payments.

2. Excel at Fund Management

One of the core reasons for business failure is poor fund management. If you combine the funds received by clients with the funds that your business has lent, it might lead to a mix-up and slowly degenerate into an unavoidable financial crisis. Employ the help of professionals or use the right software to separate your income and borrowed funds. This will help you keep track of what is yours and what your business owes.

3. Review Your Books

In spite of your hectic work schedule, make it a priority to review your books every week. Most successful entrepreneurs will tell you that weekly accounting in Perth gives you a clear insight of the state of your business. You can properly manage cash flow, know the weekly expenses and also be accurately informed about the current invoices. By properly tracking income and expenses, you can always be prepared for any issues that may arise.

4. Go Digital

In the age of technology, it can be of great help to use online accounting software and keep a backup of all your documents in the cloud. With the right software, you can access your financial status any time and from anywhere. By automating the tedious bookkeeping functions, you get real-time reporting of all your accounting.

5. Smart Documentation

The best way to stay ahead in your business is to ensure that the documents you use for day-to-day financial transactions are properly maintained for future reference. Keep the bank credit card statements, balance sheets, profit and loss statements, invoices for sales and services and the receipts properly filed. These will establish an excellent financial ground for times when your business will expand.

6. It Pays to Pay the Experts

Hiring a bookkeeping Perth professional just for a few hours a week or month can make a big difference to your accounts and business success. All your records will be up-to-date and youâll get first-hand information on taxes, payments, loopholes, potential fees, and even additional tax deductions. When you have an expert on board, your business will save a lot of money in the long run as your finances will always be on track.

By following these 6 bookkeeping tips, you can pave the path for success for your small business.
About Author Frank Alderton :

The author is a leading tax expert at an" target="_blank">accounting Perth company. Having worked with various small and medium-sized businesses, he understands the importance of timely accounting and consults business owners to gain maximum benefits from their finances.

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Article Added on Tuesday, April 10, 2018
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