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Freelance Finance For Entrepreneurs: Basic Bookkeeping Tips

small business bookkeeping tips When you are an entrepreneur, there are a lot of tasks and processes that demand attention your attention. Beyond regulating employees and payroll, your accounting services must be up to par. You may need to solicit the help of a bookkeeper, controller or bookkeeping service to make sure your taxes, revenue and expenses are all properly accounted for. While this may appear to be a huge undertaking, using programs that will allow you to monitor what is going on while you are on the road or out of the office can give you peace of mind.

Today's entrepreneurs wear a number of hats, even if they have quite a few employees. Technology has helped streamline processes, but knowing how to navigate those programs to get the best return on productivity and time is key. Understanding the nuts and bolts of finance will be invaluable in managing your resources effectively.

Basic Bookkeeping Tips:

  • Know the difference between employees and independent contractors. These rules are specific and incorrectly classifying your workers can cost you a lot of money.
  • Use programs that can also be remotely accessed to stay "in the office" while out running errands or meeting with potential backers or clients. Examples of these programs include cloud-based bookkeeping software QuickBooks Online, automated accounts payable and receivable software Bill.com, time tracking software TSheets,and expense report management apps Tallie. All of these programs will help you keep your finger on the pulse of your financial data.
  • Learn how to triage your balance sheet, P&L and monthly books. Being able to ask informed questions of your part-time bookkeeper can save you big headaches. Or hire an outsourced bookkeeping service to help manage everything for you--and make sure to ask for detailed reporting.
  • Know the tax laws and how they will affect your business. And hire an experienced professional CPA or tax attorney to help when needed.
  • Take the time to understand the equipment that is used when performing financial transactions. Having sufficient memory and advanced capabilities to avoid lags in information will help make the process run smoothly. It will also help you and your bookkeeping service stay on the same page, especially if utilizing remote operations.

You may consider outsourcing your bookkeeping services. Depending on your needs, you could outsource all of your bookkeeping functions or just some of your accounts payable, accounting receivable or payroll as needed. Many outsourced bookkeeping services offer different levels of service, from monthly basic services all the way through daily reporting and forecasting. Picking what you need--and making sure the service is scalable to future needs--is one way to save money and keep things under one umbrella -- important factors of an entrepreneurial business.

Need help with your small business bookkeeping? We can help!

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