Author Box
Articles Categories
All Categories
Articles Resources

Top 7 Bookkeeping Tips for Small Business Owners

April 17, 2012 | Comments: 0 | Views: 120

Each business, no matter how big or small, must have some type of bookkeeping system in place. Keeping accurate records will allow the business owner to stay on top of company profits and losses. Businesses have been known to fail because the owner was unaware of how money was being spent, what revenue was coming in and what bills had to be paid.

When there is no accounting or bookkeeping system in place, it is very easy to overlook goals and forget important dates. Here are 7 tips that will help you get your financial records in order.

Stay Organized.

Staying organized is one of the most important bookkeeping tips for small business owners. It is a good idea to keep all of your receipts in one place. Don't worry if you don't have time to sort them just be sure to keep them all bundled together in a plastic container, briefcase or basket. It is recommended that you store all receipts, invoices and paperwork for a minimum of five years.

Keep Your Personal and Business Expenses Separated.

When storing your receipts, it is a good idea to keep at least two separate containers. One container should be for your personal expenses and another for business purchases. This will make the sorting process much easier later down the road.

Use a business credit card for business purchases.

Using a different banking or payment account is a great way to make expense tracking easy for the small business owner. This also cuts down on having to store individual receipt because you can save your monthly statements.

Realistic Budget.

Budgeting is half the battle in running a successful business. Creating a realistic budget will help you better manage your finances and track your marketing efforts.

Prepare for the unexpected.

You should always be putting money away for a rainy day. Unexpected expenses always come with business ownership and having emergency money will make it less painful.


Using computer or cloud based bookkeeping software is a great way to simplify your bookkeeping. It also allows you to easily delegate this task to someone else so that you can focus on other projects like managing clients, creating new products or services and prospecting for new business.


Often times, small business owners find themselves focusing on activities that don't directly affect generating revenue. Everyone wants to be a do-it-yourselfer but is it really helping your bottom line. Think about how much time you could save if this project was delegated to a professional.

Remember that keeping good records ensures that you comply with government regulations and helps you keep control over your finances.

Atlanta Bookkeeping Solutions (ABS) provides outstanding service to our clients because of our dedication to the three underlying principles of professionalism, responsiveness and quality. For more great bookkeeping tips, subscribe to our monthly newsletter at

Source: EzineArticles
Was this Helpful ?

Rate this Article

Article Tags:

Bookkeeping Tips


Bookkeeping System


Small Business


Small Business Owners


Bookkeeping Resources

In India, employment opportunities are set to grow by a good margin in the coming year, a phase which was started in the turn of the second decade of the 21st century. organisation, candidates with

By: Sarkariexam l Business > Careers Employment l April 01, 2013 lViews: 11721

Sometimes it is amazing to see that certain jobs can precipitate huge turnouts in the recruitment drives. It is as if thousands of people were waiting for the vacancy advertisements and the moment

By: Sarkariexam l Business > Careers Employment l December 30, 2012 lViews: 694

In recent times, jobs in healthcare segments have grown tremendously. It is anticipated that this growth curve will continue for the times to come. Various factors are responsible for this

By: Sarkariexam l Business > Career Advice l December 27, 2012 lViews: 449

Are you in a dilemma whether to choose web based CRM or not? If yes, don’t worry. You aren’t the sole person having this doubt.There are numerous firms trying to make out whether investing in a

By: Reneta Vasileva l Business > Customer Service l December 23, 2012 lViews: 410

If you think about it you will realize the fact that each business has its own set of risks that are involved in it.The trade secrets that you have and the information related to the business is what

By: brumbrum1 l Business > Risk Management l December 23, 2012 lViews: 264

As the time is changing, concierge management services are now growing despite the slowing economies of the world. The main reason of it is the need that is highly specific to the people who like to

By: willsmith10 l Business > Management l December 23, 2012 lViews: 334

Many start-up firms are launched by entrepreneurs who try to handle the financial side of the business themselves. However, even the best bookkeeping software does not compare to the services offered

By: Jane J Harlowl Business > Accountingl June 12, 2012 lViews: 198

Why spend your valuable time toiling through accounts? Speak to some specialist business advisors today who can provide you with quality accounting solutions at an affordable price.

By: Steve Mackiel Business > Accountingl June 12, 2012 lViews: 221

The process of keeping books repeatedly and correctly requires tons of time and manual effort. Online bookkeeping is the new trend that big and small businesses are using to save time and avoid

By: Amitaabh Sabool Business > Accountingl June 12, 2012 lViews: 233

You may be concerned that, by hiring an outsourced controller, you'll be giving up "control" of your company. That couldn't be further from the truth. A financial controller provides you with the

By: Tim Garrisonl Business > Accountingl June 11, 2012 lViews: 217

There has been a lot of confusion in the business world about the differences between accounting and bookkeeping. Ultimately, it comes down to the size of the company employing them and the purpose

By: Daryl Jamesl Business > Accountingl June 11, 2012 lViews: 223

The investors who invest money in any company are called as the stakeholders. The main purpose of investing money is to improve monetary gains by receiving regular dividends and by virtue of growth

By: Gauri Sankarl Business > Accountingl June 10, 2012 lViews: 222

Discuss this Article

comments powered by Disqus