Running a business comes with many responsibilities, such as overseeing sales and production, managing employees and budgeting. One of your most critical tasks is keeping track of your finances. Follow these tips to make sure that you can complete your taxes and other financial processes smoothly and correctly.
Get Professional Help
If you do not have an in-house accountant and you have space in your budget, you should hire one immediately. Accountants can look through your records and projections and help you find a way out of debt if necessary. You also could contract independent QuickBooks training professionals to help you better understand your finances.
Don’t Throw Away Your Records
It’s tempting to recycle your tax returns and business records once tax season is over. However, you should never get rid of these forms. If they are taking up too much space, scan and store them in a secure online location, and then recycle the physical copies. You never know when you will be audited or when you will need to review your data from a few years ago. Have a filing system in place so that when you need to find a document, you can do so easily.
Log All Transactions
Every time that you pay someone or receive money, record the transaction. If the money is exchanged electronically, your bank will automatically generate a statement. You should still keep a separate list of all transactions so that you know where all of your money came from. This practice allows you to doublecheck all bank statements, so if something seems suspicious about your finances, you have an independent list with which to verify the statement.
Don’t let your financial records become messy and confusing. With the help of trained professionals, understand your finances and find a record-keeping method that fits your managerial style.