How to simplify your small business accounting

19-Jun-2019

No matter what type of business you run, you will need to stay on top of your accounting. Good accounting is important for the overall financial health of any business. Staying on top of your accounting won’t just ensure that you are maintaining accurate and up to date records, it will enable you to make plans for the future based on a realistic picture of your business’s current health.

Fortunately, managing your accounts properly is much easier than you may have been led to believe. Lots of small businesses are struggling with their accounting because they have made it needlessly difficult for themselves. By following some simple advice, any small business can simplify their small business accounting and stay on top of their finances much more effectively.

Stay on top of expense receipts

Keeping track of all your business expenses and ensuring that you have proper receipts for everything is the first step to take in improving your accounting procedures. Once you have an effective policy in place for filing and processing receipts, managing your expenses becomes a lot simpler.

This is all about getting yourself and your team into good habits. Make sure that everyone knows exactly what the procedure is for recording and processing their expenses. You should also make sure that expenses are being recorded at the first opportunity.

Maintain accurate data

Modern businesses have data about themselves and their customers coming at them from more directions than ever before. Ensuring that data that is input into one system is reflected in all other relevant systems might sound like a massive undertaking. However, you can streamline this process by using PieSync. PieSync will synchronize your contacts data from across all the different cloud apps your business uses. This saves you from having to try and maintain these lists yourselves and ensures you are always working with up to date contact information.

Update your payroll system

For any business that has employees, the payroll is an essential part of general admin work. Many businesses outsource their payroll work to an external business, However, there are now plenty of software options for businesses that would rather bring this work back in-house. Many payrolling companies will also offer other services, such as ensuring that all necessary deductions and taxes are being paid.

However, if you do decide to bring your payroll in-house, you will find that lots of payroll software replicate these capabilities within their toolset. Make sure that you choose your payroll software carefully to ensure that it has all the features and tools you require.

If you can simplify your accounting procedures sufficiently, you and your team should find it much easier to stay on top of it all. Having the right software will definitely help a great deal in ensuring that all of your expenses are being properly recorded and processed, but you will also need to pair good software with good policies. Use the above tips as a starting point but work to develop your own set of policies that are designed to suit your business.