10 Steps to a More Organized Accounting Book Records for Your Business

At this point, your mind may be too busy as it’s buzzing with projects, ideas, and bigger plans of expansion. Now, I’m not saying they’re a bad thing. As a matter of fact, it’s actually good that you’re thinking of long-term goals and ideas.

On the other hand, your business won’t go as far as you’d think it would without proper organizational methods. It’s very important for a small business to start with the first step: Keeping your files intact.

Here are 10 Tips to A More Organized Business:

  1. Create a Separate Bank Account

This is probably one of the most common mistakes small business owners commit — they tend to use one account for everything. You don’t want your personal and business account to be mixed, do you? Not only will it help you identify your bank finances, but it also keeps a tab on your record. Therefore, you could easily review them on your scheduled time.

2. Have A Record On Everything

No matter how small the amount, you need to keep its record. It’s the key to building to a debt-free business. It will also build financial assets in the future and will be a guide to managing your expenses.

3. Consult To A Bookkeeper/Bookkeeping Services

Learn and talk to them about your business concerns — they’re practically made for a better and organized business. Seeking their advice would lead you to learn more about bookkeeping, and how it makes your business run smoothly.

4. Method of Payment

Ultimately, you’re going to hire people to work for you as you can’t run everything by yourself. You should have a record on what date of the month you’ll be paying them for their service. And identify if you need a freelancer for the job or a full time employee then determine its payment.

5. Learn About Your Business Tax

This one’s a bit tricky. There’s a different law for sales tax if you have an online business or if you’ve established a store. For instance, if you have a customer who bought a gift box from your business, then the tax pay goes to the province you’re in. However, it’s different online. Learn about it.

6. Method of Getting Receivables

Online payment transactions are now available, and they’re relatively easy to set up. It’s recommended you open an online statement for an easier tracking.

7. Know Your Tax Obligations

They’re relatively different from one business structure to another. In this case, taxes are usually needed to be complied on a quarterly basis. Keep in mind that independent business owners, corporations, and many among others, have different obligations.

8. Crunch The Numbers of Your Gross Margins

This is how you’ll know if your business is going on the right direction. You must know how much does your business run, and how much do you earn on a daily basis to calculate your gross margin. This could lead to more profits.

9. Research on Importation

Ideally, you would be thinking about receiving and delivering goods from other countries as this would be important for your business growth. You need to familiarize yourself as early as now on import tax on different countries, and what would be best for your company.

10. Evaluate Your Actions Weekly

This is important. You should have at least time once a week to go over your books to make sure you’re not missing out on things. If you’ve done your books correctly, organizing them wouldn’t take so much of an effort.

Source: IBN Tech blog