Accounting is a necessary part of any business, however, if your business does not keep tight records, when tax time rolls around, it can be a nightmare. Without a proper system to track your business’s finances, many items can fall through the cracks and end up costing more money in the long run. By implementing clear cut processes and using some simple and effective bookkeeping tips, business owners and managers can have better control over managing expenses and their organization's financial situation. By using a simplified process that can manage expenses, invoices, deposit information and record tax details will make next tax season a less stressful time.
Keeping good financial records just makes good business sense. Here are some tips that can be used year round to help your business.
Plan for Major Expenses
Make sure to properly forecast and set aside money for major expenses such as equipment repairs, maintenance, office supplies and inventory. By properly budgeting for your business for the next several years, it is easier to manage expenses as they occur.
Prepare for Taxes
Properly keeping track of your business’s financial records will have you prepared for year-end taxes. Set aside a portion of revenue every month towards paying taxes to avoid having to do major cut backs at the end of the year or even worse, using a loan to pay your business taxes.
Cash is difficult to keep track of. It is so easy to lose track of write-offs because of missing receipts or no records of purchases. By using an Emburse prepaid debit card, managers can easily track the amount spent by their employees and where funds were spent. Purchase requests need to be pre-approved and the funds loaded onto the card, which are available immediately. Prepaid debit cards make tracking and controlling expenses much easier.
Review Your Books
Set aside time each week to review the finances of your business are in order. By having a broad overview of your business’s on-going financial health will ensure that everything is organized and in place come tax season.
If you would like more information on how using prepaid debit cards can help your bookkeeping, contact a member of the Emburse team today.