Tips on basic Bookkeeping
I think we can all agree that you have a lot to do as a business owner. From managing your day-to-day business operations, dealing with clients, developing marketing plans, networking, and maintaining a seamless operation. It can be tough to find the time to sort through your financial spreadsheets as well as managing your cash flow. Not to worry, this latest blog will take you through some bookkeeping tips to help you get through it.
1. Keep Personal and Business Accounts separate
At first glance, mixing your personal and business finances might not seem like a big deal. However, each business needs to have its own bank account that is separate from any personal accounts. Depending on the type of your organisation, a separate business bank account is often needed. With this separate account, you and your accountant will find it easier and more time-efficient to sort through purchases and sales that are pertinent to your company.
2. Know your Business Expenses
It might be challenging to foresee what costs you will face when you start up your company and what charges are tax deductible. For instance, expenses associated with your generation of income and the operation of the business are tax deductible. You cannot, however, add products that you purchase just for you to your accounts. Combining corporate and personal accounts does not provide you unlimited credit for purchases. You should review and comprehend what is permitted under Irish tax laws.
3. Set Reminders for Important Deadlines
As a business owner, the majority of your time is spent handling numerous tasks. With so much on the agenda, it’s easy to forget about routine business invoices and payroll due dates. Set reminders for yourself so that you don’t forget about deadlines. You may do this using your smartphone or even your online email calendar.
The appropriate bookkeeping approach is essential whether you manage most of your accounting yourself or employ a professional to do it for you.
Contact us below today if you have any queries or concerns with the above, or if you have questions in relation to our bookkeeping services.