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There’s no shortage of details to consider when you’re a small business owner. Getting the back-office basics of your small business accounting practices in order early on – tracking revenues, expenses, and costs – will keep you out of the weeds of paperwork and cash flow snafus, and onto the important work of growing your business.
“You can get away with doing your own bookkeeping and accounting when you first start out,” says New York-based CPA Maggie Kirkendall. “But once you’re ready to file tax returns you often realize you didn’t know enough or didn’t want to spend enough time to figure it out, and that’s when I suggest getting a bookkeeping or accounting service to help you maximize any tax advantages.”
Fees can be “atrocious,” she concedes, so in the meantime consider automating your small business accounting practices with one of the many finance software applications available to you, such as Xero, QuickBooks, FreshBooks or Wave. Go with the software that best suits your needs, like having cloud-based access or user-friendly iPad apps.
Bookkeeping is a necessary chore of all businesses, helping you manage your operations and prevent an audit by giving the IRS what they need. To keep moving toward your long-term goals and improve profits, get your small business accounting practices in order with these essential tips:
Finance is the backbone of any business, so learning good small business accounting practices is a must. Get in touch with an accountant (if you don’t already have one) and ask them for the best place to get started!
Our thanks to Maggie Kirkendall for speaking with us for this article! Maggie is a former Senior Manager at The Corporate Finance Group who now runs Kirk Consulting. For questions, you can reach her at firstname.lastname@example.org.