5 Accounting Tips that will Help you Manage your Business Efficiently

Posted on Mar 27, 2013 | 0 comments

Starting a business brings forth a mixture of feelings to any entrepreneur. Some find it exciting while some find it nerve-wracking. The actual creation and management of the business is one thing but the accounting part can be tricky. This is one thing that most business owners often skip to do or allot someone else to do.

Accounting shouldn’t be a dread. There’s always a way in doing things easier. Here are some tips that will help you solve your accounting dilemmas.

Keep a Log.

Schedule atleast 15 minutes of your time each week for organizing your finances. Make sure that you do this strictly every week, with no distractions of any sort. Through this activity you’ll have an even better insight of the current financial situation of your business, you’ll know what kind of financial decisions to make and it’ll be easier for you to handle tax when they are due.

Put a Division

What is meant for your business should remain used and provided for your business. As much as possible, make use of your personal finances for your personal needs and your business funds for business means only. You might think that one tiny slip shouldn’t do any harm to the business but frequent slips can put a weight on your business. You should have separate bank and credit card accounts for your business. It will also make it easier for you to know if you are making enough money to sustain your personal needs.

Ask for Help

If you just don’t have the time to manage your finances, there are those that can do this for you. They have the expertise and knowledge to help you in not only managing your finances and saving some at the same time.

Keep Accurate Records

JWA business and wealth uses Xero bookkeeping to manage our clients day to day bookkeeping. Xero software attaches itself directly to your bank account making it virtually impossible to miss any transaction for your company.

Know where the Finish line is

Part of any successful business plan is knowing the exact finish line and how your going to get their in the shortest possible time. JWA has strategic specialists that can assist you in your tax planning, SMSF planning and so much more.

 

Give the team at JWA a call and arrange your free consultation

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