Small business bookkeeping tips can make a world of difference! That’s why we’ve been writing on the topic for the past few weeks. Check out our series called, “Small Business Bookkeeping – Getting Started.”
This week we’ll be posting some more great tips from CPA’s, tax experts, and small business owners nationwide. Today’s bookkeeping tips come from Meghan Blair-Valero, President of Fogged In Bookkeeping, a Nantucket, MA-based bookkeeping and accounting service. Here are Meghan’s top five small business bookkeeping tips:
KEEP IT SIMPLE: Don’t adopt a system for a $200 Million / 750 employee company if you are a one-person show. Look at your 3-year budget to plan, then put in place a system that is comprehensive but not over the top.
GET PROFESSIONAL HELP: Even if you are going to do the lion’s share of the bookkeeping yourself, retain a good accountant. Your time is best spent doing what you went into business to do. Don’t spend days learning how to set up your state unemployment log-in. Chances are there is a professional bookkeeper in your area who does that 5 times a week and can get it done in under 20 minutes. Delegate when you can afford to.
SCREEN YOUR BOOKKEEPER: No license is required to call oneself a bookkeeper. Ask for references, professional certification, and work samples. The AIPB (American Institute of Professional Bookkeepers) offers a test on their website that business owners can ask a potential hire to take. Make sure your help is qualified.
CHECK WITH THE BEAN COUNTER: Sometimes major financial moves can’t be undone. Before you buy that new asset, check with your accountant to see how to go about it. That 10-minute question could save you thousands of dollars.
CREATE CHECKS AND BALANCES: Learn about internal controls. Even if you start-out as a one-person entity doing your own books, hopefully you will grow. When you delegate the bookkeeping, you want to know how to oversee this task and monitor it without doing it yourself. Creating a good system of internal controls and checks and balances will prevent theft and accidental loss.
Thanks for these great tips, Meghan! If you’d like to contact Meghan or her company, please see below:
Meghan Blair-Valero President Fogged In Bookkeeping, Inc. (508) 825-8884
Stay tuned for even more tips from the pros on small business bookkeeping! In the meantime, don’t forget to check out our recent series on small business bookkeeping!
And if you get stuck, don’t be afraid to hit the Panic Button. It’s the only help desk for small businesses online. No nonsense. No kidding.
Don’t forget to watch our training videos. Don’t know what a P&L is? Don’t know how to prevent bankruptcy? You can’t miss these videos, available to you 24/7. Go to our Learn section to watch as often as you like. Besides finding great small business bookkeeping tips, you’ll learn highly valuable tips you can’t afford NOT to watch!