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Where Should You Start?

Bookkeeping and accounting can be overwhelming. You started your business because you are an expert in your craft and have intimate knowledge in a particular industry. If the accounting-side of your business is not your strong suit, you aren’t alone. It’s easy to get started in business and before you know it, addressing the bookkeeping seems an insurmountable task. Sometimes the best way to get started is to really understand why you’re hesitant to start in the first place. If any of this strikes a chord with you and your business, the next few paragraphs are for you.


You’re unsure of where you should start. Of many things in life, sometimes getting started is the most difficult part of any task. This is especially the case if you don’t have much experience with bookkeeping or accounting. There is software to consider and how to go about setting up general accounting processes. You must also consider what you should be keeping track of - business expenses, mileage, inventory levels, etc. If you can be proactive with the accounting within your business, you’ll save yourself the last minute panic of gathering a mess of receipts and documents come tax time. The stress reduction you’ll feel later is well worth taking the steps to get started now. Reach out to fellow business owners on their experiences with bookkeeping in their own businesses or better yet, reach out to a CPA or bookkeeper. This is their area of expertise and they’ll make the entire task much less daunting for you.


You are unfamiliar with bookkeeping software. You’ve probably heard of QuickBooks but do you know how to use the software? Beyond QuickBooks, there are several other bookkeeping softwares to choose from but regardless of what software you use, it’s important to understand how to use the software. Bookkeeping software has tons of great add-ons (such a receipt capture or mileage tracking) that will help simplify your bookkeeping.


You are busy running your business. Time is a limited resource and you’re wearing many hats as a business owner. It makes sense that in keeping up with the day-to-day operations, the bookkeeping is kept on the back burner until tax time rolls around. The danger in pushing off bookkeeping is that you don’t have timely information to help you make smart business decisions and you’re less prepared to apply potential tax-saving strategies. Enlisting the help of a bookkeeper can seem like a big step and expense but your time is valuable. Not only can it free you to focus on the areas you enjoy but a trained bookkeeper can help you to find cost savings, efficiencies, and plan for taxes.


You feel like what you’re doing is working. Or is it? Perhaps your business is small enough that you’re able to track expenses in Excel and save receipts in a filing cabinet. But even small businesses can benefit from more sophisticated bookkeeping that can better integrate banking activity, reduce mistakes, eliminate redundancies, and provide you with helpful reports to help you understand financial information. Working with a bookkeeper can also help you to revamp your current bookkeeping system and have somebody to help you make sense of the numbers.


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If you’re feeling overwhelmed and unsure of where to start, let us know how we can help you. Accounting is our area of expertise and we understand the power of understanding the numbers within your business.


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