3 Bookkeeping Clichés That You Should Definitely Follow
September 28, 2021 | Written by: Sohail Afzal
many advantages. It is always recommended to visit the dentist as soon as the problem arises. It could be tooth decay, bad breath, or anything else. The reason is that you might save yourself from intensive pain tomorrow if you get the proper treatment today. Although it would be a little inconvenient visiting the dentist in the end, it would be worth it. Similarly, bookkeeping also works that way. Sounds a little cliché? Probably. But, let us tell you that some clichés do wonders for businesses if they are done the right way.
The size of the business doesn’t matter in deciding whether to get a bookkeeping service from an accounting firm or not. At the end of the month, you’d need to have the financial reports in front of you to see how well your business is performing. That’s why companies must maintain their financial books. People can make timely decisions regarding their business if they know the financial situation of their business.
This article will discuss some of the bookkeeping clichés that would help you in your business.
Check and Double-Check
People need to consider noting down every transaction and business deposit. You cannot just trust bank statements. The best practice is to either write it down on an excel sheet or outsource the bookkeeping. The former option will be very beneficial for businesses because the business owners don’t want to waste their time doing bookkeeping all day long. They have got something more important to focus on. That is how they can get more clients on board and grow their businesses.
People need to make sure that they always double-check bank deposits and see if they are written down correctly, whatever the deposit is, a check, cash, loan, or anything else. Failing to do so would result in many issues. One of them is that people may end up paying more taxes than required.
Time is Money
We all have heard this saying that time is money. But, sometimes we don’t understand it thoroughly. It teaches us a good lesson. People have to make sure that they are not wasting their time, especially when running a business. Small business owners have to work really hard to run the business. There are a million different things they have to accomplish in very little time. The best strategy is to have a proper billing system to track everything and know what they have to do next to keep themselves organized.
Save for Rainy Day
When running a business, you can’t always be profitable. There would be few months in a year where you would reach breakeven or not even that. That’s why planning ahead and saving for the rainy days is vital for every business.
These are a few of the tips which could help you out in your business. People should consider following them as it could help their business grow. If bookkeeping is an issue, they have the choice of contacting an accounting firm, and they will do all the work for them.
Sohail Afzal, CPA, CMA, MBA
Sohail Afzal, (CPA, CMA, MBA) is the founder & CEO of GTA Accounting Professional Corporation. He is a highly experienced Chartered Professional Accountant and businessman himself and understands the challenges that many businesses face when it comes to cash flow management. As an experienced business consultant & tax advisor, he is helping companies grow by providing the technical, financial, and contractual information necessary for strategic decision-making.