Bookkeeping Habits Every Small Business Owner Should Adopt

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Bookkeeping Habits Every Small Business Owner
Should Adopt
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• As a small business owner, keeping on top of your
  finances and trying to uphold and maintain a
  series of good bookkeeping habits, can be the
  difference between success and failure it really
  is as simple as that.
• So here are 5 of the most important bookkeeping
  habits that owners can adopt in order to keep
  their small businesses afloat and thriving

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• 1. Dont be afraid to seek professional help
• Owning a business means that your time is always
  stretched, and there can be some time consuming
  aspects of running your business that could
  easily and effectively be outsourced.
• Seeking professional help is not a sign of
  weakness and more often than not, the cost of
  hiring an expert redeems itself very quickly, and
  can actually end up saving you money in the long
  term. Not only that, but just because you own a
  business, doesnt necessarily make you an expert
  in bookkeeping, so hiring a professional could
  save you having to learn new skills yourself and
  possibly getting it wrong in the process!

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• Many small businesses also take advantage of
  their accountants help by using them throughout
  the entire financial year, rather than just at
  tax return time finding that their advice and
  guidance can be instrumental in helping to secure
  the success of their business by spotting
  potential problems before they have a chance to
  occur.

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• 2. Keep track of your business reports
• Hiring a professional to complete much of your
  bookkeeping, shouldnt mean that you take no
  interest in whats actually happening with your
  business understanding your business is crucial
  if you want it to grow and prosper, and so
  reading through your business reports should be a
  fundamental part of your management process.

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• 3. Purchase suitable software
• If youre relying on software to assist you with
  bookkeeping, ensure that you buy what is going to
  help and suit your business requirements, most
  effectively, irrespective of the cost. This is a
  decision that will undoubtedly pay dividend in
  the long run.
• 4. Keep track, and keep hold of, all of your
  receipts
• Receipts are an essential component of your
  businesses success, after all, if you dont know
  how much youre spending, how can you possibly
  keep track of your profits and losses?

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• When it comes to credit card transactions, things
  are a little simpler as youll have a paper
  receipt and a monthly statement to check them off
  against. Cash expenses can be a little trickier
  to keep track of, so holding on to all cash
  payment receipts is essential.

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• 5. Keep a careful eye on your invoices
• Ensuring that the invoices youve issued get
  paid, means that you must keep regular and
  updated records of each and every one that youve
  sent out. Some accounting software can do this
  for you automatically, and will flag up any
  unpaid invoices for your immediate attention.

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• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax services in Miami. If
  you are looking for bookkeeping services in
  Miami, Heyer Associates would be a right option.