3 Bookkeeping Tips You Can Use Year Round

As a business owner, bookkeeping is an essential task that can’t be ignored. It’s not just a yearly chore, it’s an ongoing process that helps you stay on top of your finances, manage your cashflow and make informed business decisions.  In this blog post, we’ll explore three bookkeeping tips that you can use year-round to keep your finances in order and make tax time much easier.

1. Keep a running list of all your expenses

One of the most important things you can do to stay on top of your finances is to keep a running list of all your expenses. This includes everything from rent and utilities to office supplies and travel expenses. By keeping a detailed record of your expenses, you’ll be able to see where your money is going and make informed decisions about where to cut costs. Additionally, it will make tax time much easier, as you’ll have a clear record of all your expenses to reference when you file your taxes.

2. Make a budget and stick to it

Creating and sticking to a budget is a crucial step in managing your finances. A budget helps you keep track of your income and expenses, and makes it easier to identify areas where you’re overspending. When creating your budget, be sure to include all of your fixed expenses, such as rent, utilities, and insurance, as well as your variable expenses, such as marketing and travel costs. Once you have a budget in place, make sure to stick to it by regularly reviewing your expenses and making adjustments as necessary.

3. Don’t wait until the end of the year to do your taxes-start preparing now!

One of the biggest mistakes business owners make is waiting until the end of the year to start preparing their taxes. This can lead to a lot of stress and last-minute scrambling to gather all the necessary documents. Instead, start preparing for your taxes now by keeping detailed records of your income and expenses throughout the year. This will make it much easier to file your taxes when the time comes, and you’ll be less likely to miss any important deductions or credits.

In conclusion, bookkeeping is an ongoing process that requires attention throughout the year. By keeping a running list of all your expenses, making a budget and sticking to it, and starting to prepare for taxes early, you can stay on top of your finances and reduce stress during tax time. Remember, being organized and keeping detailed records of all your financials is the key to success in bookkeeping. Make sure to take the time to review your financials regularly and make adjustments as needed to keep your business finances in order.

Silicon Harbor Business Services is based in Mount Pleasant, SC.  We provide solid, practical advice to small business owners and select individuals.  We work with Quickbooks Online, Quickbooks Desktop and Quickbooks Enterprise.

For a complete list of our services, please click here. Reach out to our team of Business Consultants at Silicon Harbor Business Services in Mount Pleasant, SC if you have any questions about online bookkeeping or business consultancy.  Call 1-877-972-9284  We’d love to hear from you!