Gather documents for any and all furniture/equipment purchase. You should also prepare to list any and all income (cash, checks, CC, PayPal, bartering, etc.).
WOODLAND HILLS, Calif. (PRWEB) January 17, 2019
- Keep records organized. “Gather up receipts and other documents, such as mileage log books,” said Albucher. “Gather documents for any and all furniture/equipment purchase. You should also prepare to list any and all income (cash, checks, CC, PayPal, bartering, etc.).”
- Always keep your personal finance separate from the business.
- Use cloud accounting software, it’s real-time reporting.
- The chart of accounts should be simple but functional. “The chart of accounts should be things you use the most, but do not overkill it,” noted Albucher. “Make sure to select the correct account type for each account, or there will be errors in your financial statements.”
- Save money on small stuff. “If you can calculate the payroll for few employees the better; there is no need to spend money with a payroll company yet,” added Albucher.
- Go digital with the payroll. “There are programs out there that have timesheets. Just set it up so the employee can log in and the time is recorded,” stated Albucher.
- Segregate duties for each part of the cash conversion cycle. Segregate the cash conversion cycle in the sense of paying vendors, approving any invoices, and receiving payments. This helps avoid fraud.
- Reconcile your bank and cc monthly. Resolve any errors when you are doing this.
- Keep track of your monthly financial data. This will go hand in hand with the reconciliation.
- Pre-form a self-audit.
- Document and deduct that are for business/personal use.
- Detailed inventory records are extremely important.
- Go with QuickBooks. “It doesn’t matter if it’s Desktop or online, as long as it keeps you organized,” said Albucher. “I would recommend the Desktop version; it’s easier to learn and use.”
- Separate receivables payments from borrowed loans.
- Treat yours checks like cash.
- Take control of the accounts receivables.
- Try to plan for any major expenses, including taxes.
- Use online banking for the business.
- Never wait until the end of the year to talk to your accountant. “That’s the biggest mistake business owners make,” stressed Albucher.
- Consult your accountant quarterly. “Take advantage of any tax credits and deductions, things like health care deductions, auto expense, charitable contributions, software deductions, etc.,” concluded Albucher.
About Aaron Albucher
Aaron Albucher is licensed, bonded and insured, and provides personal, one-on-one service. Services include accounts payable, accounts receivable, reconciliation and financial planning. For more information, please call (818) 599-0069, or visit http://www.aaronalbucherbookkeeping.com. The office is located at 22244 Philiprimm Street, Woodland Hills, CA 91367.
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