Business owners have many tasks on their plate, and many of them don’t have tons of time to dedicate to online accounting.
Unfortunately, even small accounting mistakes can lead to larger issues in the future, so keeping accurate and updated books is an essential part of running a successful business. If you’re a business owner in this position, using Quickbooks accounting online is an easy way to stay on top of your books. 

Our team at Founder’s CPA has put together some helpful tips for fast yet accurate accounting. Should you need expert guidance beyond our tips, we’re here to help!

 

 

Tips for accurate and fast accounting

Know the basics

Sometimes, going back to the basics is one of the most effective ways to approach accounting. If you’re newer to the world of accounting, this means focusing on topics such as financial statements, journal entries, debits and credits, account types, and learning common accounting terms. 

Work with an accountant who can teach you the basics so, at the very least, you feel confident managing your books between checks. Even the most experienced entrepreneurs can benefit from a quick brush-up on the basics once in a while.

Record all transactions

It seems straightforward and obvious, but make sure to record all transactions. Even busy business owners should take the time to record every transaction. Even one missed transaction can result in issues in the future, so try your best to make sure your books are updated accurately and in a timely manner.

Keep documents

Successful businesses know how important it is to record transactions promptly in addition to keeping records to back them up. Receipts, invoices, business bank statements and payroll records are only some examples of records to keep. If you have doubts about saving something, it’s better to be safe than sorry.

Double-check entries

Double-checking your entries is particularly important if you’re doing your accounting by hand. Taking the time to check can go a long way in the big picture as it can avoid future financial issues. Be sure to do this before you finalize anything in your books. 

Use accounting software

Accounting software like using Quickbooks accounting online is one of the easiest and most effective ways to approach accounting. Using software alongside an experienced accountant is a great way to steer clear of errors, time-consuming tasks, and manually keeping track of your books. Software can keep you organized and can assist with task automation such as converting estimates to invoices.

Even though accounting software can be incredibly beneficial, it’s best to use it alongside an accounting professional. This will make your books that much more accurate and can provide additional guidance and peace of mind.

Working With Founder's CPA

Working with a seasoned professional is invaluable to your long-term business strategy. This is where our team at Founder’s CPA can assist you. We’re industry leaders in accounting, tax and CFO services. Contact us to learn more about how we can help!

 

Curt Mastio
Post by Curt Mastio
Jun 7, 2024 9:19:51 AM
Curt Mastio started Founder’s CPA in 2017 and currently serves as the Managing Partner of the firm. After obtaining both his Bachelor’s and Master’s degrees in accounting from the University of Illinois in Urbana-Champaign Curt started his career in Big Four public accounting. Shortly thereafter Curt served as the Chief Financial Officer of Storage Squad began his stint as an Adjunct Instructor at Northwestern University’s Farley Center for Entrepreneurship and has been teaching Accounting & Finance to undergraduate students for 6+ years. In his current role Curt oversees strategy, operations, and business development at Founder’s CPA. Further, Curt has experience working directly with 200+ startups and small businesses providing accounting, tax, and outsourced CFO services. His industry expertise lies in the SaaS, Blockchain, Marketplace, and Fintech industries. He has served as a key advisor working directly with startups that range from pre-revenue to companies generating over $30 million dollars a year in revenue. Lastly, he serves a key role working directly with the firm’s clients that have collectively raised over $200 million in venture capital funding to date. Curt is also an active advisor, mentor, and investor in the startup ecosystem. He has facilitated numerous workshops, webinars, and presentations to incubators and other startup-centric organizations. He is also an active mentor for Techstars in both Chicago and Iowa. Outside of his daily professional duties Curt is actively involved with Beat the Streets Chicago and was a founding member of its Young Professionals Board. His efforts in both leadership and community involvement were recognized when he was awarded the Illinois CPA Society’s Outstanding Young Professional Leadership Award in 2020. He was also a panelist at their annual conference in 2022 where he spoke about his experiences starting and operating a public accounting firm. He maintains an active Certified Public Accountant designation that he obtained in 2014. Outside of work, Curt can be found spending time with his friends & family including his dog Rufus. His hobbies include golf, boating, cooking, reading, and attending sporting events & concerts.