The Law Offices of Matthew W. Stanley
Bookkeeping Tips for Small Businesses
Running a small business means wearing a lot of different hats. With a tight budget, you must fill multiple roles, including sales, marketing, public relations, management, and even janitor. In many cases, you must also serve as your own accountant – a prospect that is scary and overwhelming for many business owners.
As your business grows, it's important to keep accurate financial records. This not only allows you to meet your financial obligations, it helps you avoid a lot of frustration and anxiety when tax time rolls around. With this in mind, here are some tips for keeping the books for your business.
Use Bookkeeping Software
Fortunately, the days of meticulously maintaining handwritten ledgers are a thing of the past, and computers can ensure business owners don't make critical math errors. There are a variety of useful and effective bookkeeping software products on the market, many of which offer both desktop and online versions. Some bookkeeping software companies even offer basic software for free.
Reconcile Your Bank Statements
Running a business is a time-consuming task that leaves little free time. Understandably, the last thing you want to do at the end of a hard day or month is sit down to review your bank statements. Nevertheless, it's critical to review your banking transactions on at least a monthly basis.
Get Help When You Need It
One of the keys to running a successful business is tackling problems head-on and realizing when you need help. You may be a smart, savvy business person in your particular area of expertise, but it's important to recognize that financial and tax matters require a particular blend of knowledge and experience. Furthermore, making mistakes in these areas – whether it is taxes, payroll, or employee classification – can cost you time, money, and maybe even your livelihood down the road.
Tacoma, Washington Tax Lawyer
Attorney Matthew Stanley has more than 35 years' experience helping clients understand tax and administrative law rules and procedures. Call the Law Offices of Matthew W. Stanley today at (253) 292-2782 to discuss your tax matter.
This website has been prepared by the Law Offices of Matthew W. Stanley for informational purposes only and does not, and is not intended to, constitute legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice from an attorney licensed in your jurisdiction.