Keeping Your Accounts In Order

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Keeping Your Accounts In Order
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• Running your own business means that keeping
  accurate records of your company accounts, is an
  unavoidable burden. Staying on top of what money
  is coming in and what money is going out, is
  essential if youre to keep in favour with the
  IRS, know whether you have the funds available to
  get you through each month, and perhaps most
  importantly, to enable you to see if youre
  making a profit or not.
• Here are a few standard dos and donts of
  company bookkeeping, to help you and your company
  stay on top of the accounts
• DO record all your incoming and outgoing
  transactions. Your bookkeeping system doesnt
  have to be complicated, it just needs to be a
  simple record of money

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• coming in, and money going out. If youre an old
  school business owner, you can simply keep a
  book with this data stored in it, or create a
  simple spreadsheet where the data can easily be
  referred to.
• DO make time to complete your bookkeeping. Its
  imperative that you complete your bookkeeping
  tasks on a regular basis, whether it be weekly or
  monthly, to ensure that you can stay on top of
  it.
• DO securely store your paperwork in a fire
  resistant safe, and make sure that all your
  receipts and invoices are kept together. Its
  important to try and keep your personal paperwork
  separate from your business paperwork, too,
  otherwise it could get very confusing when youre
  trying to settle your books.

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• DO give a different number to every invoice and
  keep your numbering system simple and easy to
  use.
• DO keep a close eye on your turnover, and if your
  taxable turnover for the last year happens to go
  over the tax threshold, then you will need to
  register for sales tax.
• DO check your bank statements every month and
  make sure that they match your own bookkeeping
  records.
• DO seek professional help. Hiring a bookkeeper to
  help run your accounts could be one of the most
  valuable decisions you make for the benefit of
  your company, as not only will they keep on top
  of your finances, but theyll give you all the

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• information and guidance that you require,
  enabling you to focus on other aspects of running
  your business.
• DONT complicate your paperwork. A simple system
  is best all round and will help to keep the
  taxman on your side.
• DONT have lapses with your bookkeeping. Stay on
  top of things and try to avoid stacking up
  paperwork to tackle in one go. Break it down and
  file regularly to avoid confusion or the risk of
  mislaying important receipts, invoices and other
  documents.

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• DONT muddle up your personal expenditures with
  your business expenditures. The two need to be
  kept separate and you should ideally have a
  different bank account for personal and business
  use.
• DONT get rid of anything for at least six years
  after your business was created. Some bookkeepers
  will advise you to keep receipts and invoices for
  even longer, should you happen to be investigated
  by the IRS in the future, but keep 6 years in
  mind as a guide.
• Keeping your accounts in order is perhaps one of
  the most important aspects of running your own
  business, and if in doubt, simply hire a
  professional to help you

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• get them right. Staying up to date with state and
  federal regulations and laws surrounding taxes
  can be complicated too, and a bookkeeper will
  help ensure that youre always tax compliant. It
  may seem like an unnecessary expenditure, but
  often it can prove to be the best decision you
  can make for your business.
• Koza Consulting Group, headquartered in San
  Diego, California, is a premier provider of
  strategic HR, IT, Bookkeeping and Payroll
  solutions specifically developed for small and
  mid-tier companies. If you are looking for
  bookkeeping services in san diego or hr
  consulting in san diego, Visit us at
  https//www.kozaconsultinggroup.com