What Should a Small Business Owner Know About Bookkeeping?

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What Should a Small Business Owner Know About
Bookkeeping?
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• When you set out to start a small business,
  accounting and bookkeeping probably arent the
  processes at the front of your mind. Your focus
  lies with building your brand, satisfying
  customers, and laying the groundwork for future
  growth. However, its still important to consider
  your numbers rather than expecting your finances
  to work automatically as you succeed. Without
  good bookkeeping practices, how can you truly
  know the health and trajectory of your business?
• That doesnt mean you need to sign up for night
  classes and start planning to become a CPA. The
  need for good bookkeeping does require you to
  understand some concepts and procedures, though.
  Consider some of what you should know to keep
  your books in good order.

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• Know What Business Items You Need to Track
• Bookkeeping primarily concerns the day-to-day
  finances of your business, whereas accounting
  takes a bigger picture view and includes an
  element of planning. For small business owners,
  the most important bookkeeping tasks surrounding
  the gathering and recording of numbers that speak
  to the health of your business. Some of what you
  should collect includes
• One-time and ongoing expenses and when you must
  make those payments. Expenses can include staff
  payroll, real estate overhead, and inventory
  replenishment costs.
• Your current assets, including cash on hand,
  alongside other non-liquid holdings.

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• Current and future liabilities, including your
  business tax burden, debts, and so forth.
• Net income and current equity.
• With good bookkeeping, you can more easily
  identify your best customers, assess the health
  of your business, and make smarter choices from
  day to day.
• Have Reliable Solutions for Following Your
  Numbers
• Dont overlook the value of good bookkeeping
  software. Small business owners shouldnt try to
  track their data by hand. Manual processes lead
  to errors that can obscure the truth about your
  operations. Invest in good accounting and
  bookkeeping software to make recording and
  tracking your numbers simpler.

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• Reconciliation is a Mission-Critical Task
• Do your books line up with the realities
  reflected in your bank accounts? This critical
  bookkeeping task is easy to overlook, but you
  dont have all the facts without regular
  reconciliation. Reconciling your books and
  accounts gives you a clear sense of your current
  financial position and helps reduce the risk of
  fraud.
• Know When to Call For Help
• With so many different elements to track, you
  might find yourself feeling overwhelmed and even
  falling behind on important bookkeeping work.
  Its not uncommon for many small business owners,
  but it doesnt have to be a major concern.
  Recognising when you need additional capacity to
  keep your books in order is just as important.

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• When you need assistance, know where to turn for
  experienced small business bookkeeping. At Reion,
  we have decades of experience and multiple
  flexible engagement models to suit the needs of
  many kinds of companies. As your partner, we can
  provide advice and insight while also offering
  the opportunity to hand over your most critical
  bookkeeping tasks.

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• Reion Accounting Business Services Ltd. is
  focused on providing high-quality service and
  customer satisfaction - we will do everything we
  can to exceed your expectations. By offering a
  variety of services including accounting and
  bookkeeping services in Calgary, you know your
  finances are being looked after by a team
  dedicated to your success. Our firm has adapted
  to the fast pace of the world we live in now, and
  assists small and medium business owners with a
  streamlined approach to their bookkeeping and
  accounting needs. To learn how our accounting
  firm in Calgary can assist you and which roles we
  can play in supporting your business, please get
  in touch today.