For many businesses, a new quarter can mean a new slate – and what better way to set your company up for success this quarter than by getting on top of your finances? Keeping financial records can be tough, especially when you are a business owner and have countless responsibilities on your plate. But we know you’ve got this! This next quarter is a great time to start building new habits to organize your financial records in a concise and efficient manner. Here are a few practical tips that can help you organize your financial records this upcoming quarter and beyond.
1) Keep your business and personal expenses separate
As many small business owners know, the line between business and personal expenses can get blurry. It is important that you make an effort to keep these two expenses separate so that you can easily monitor your company’s financial progress and better plan for the future.
2) Open a business bank account
To help keep your business transactions separate, open a business bank account. By creating an account that is solely for your business, you can easily organize and access the financial information that pertains to your company. For example, you’ll have a separate business bank account where you can deposit cheques that were made payable to your business.
3) Always get receipts for your business expenses
Accurate financial records are not just nice for the sake of organization but are also crucial during tax season. Organizing your records can allow you to make tax deductions that can help save you some money. A great way to keep these receipts in order is to create a paper or virtual file folder and organize them by date.
With all of these tips in mind, you can better organize your company’s financial records. However, with that said, no matter how hard we try, some of us just aren’t good at organizing finances. If this statement resonates with you, you’re not alone and outsourcing your bookkeeping is a great way to ease this stress. At STEPS, we have senior bookkeeping professionals who can handle your financial records and allow you to focus on the more fun aspects of running your small business. Learn more about what we offer on the services section of our home page or reach out to us on our contact page.
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