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!
