Book-Keeping Tips and Resources for Small Businesses

Written by Jim McKinley from moneywithjim.org

As the owner of a small business, keeping track of your company’s earnings, inventory, and expenditures is crucial—even when you’re already busy juggling everything from marketing to the day-to-day operations of running your business. To learn all about the importance of bookkeeping in small businesses—and for some useful tips on getting started—read on! 

Bookkeeping Basics for Small Businesses

Whether you’re about to launch a small business for the first time or you’re ready to take your ventures to the next level, proper bookkeeping and accounting functions will help your business grow, thrive, and achieve financial success. And when you’re ready to grow your small business and maximize cash flow, the financial consultants at Agile CFO can help.

●     Learn about the importance of accounting as you get your small business up and running. 

●     Check out Dave Ramsey’s 10 tips to small-business bookkeeping and accounting. 

●     Understand the key differences between accounting and bookkeeping. Then, determine whether you need to hire a bookkeeper or accountant (or both) to help you with your small business finances. 

Resources and Tools for DIY Bookkeeping

Can’t pay for professional bookkeeping services at this time? These great resources will help you record and manage your own books: 

●     Enroll in a free online course on bookkeeping. Several courses are available through Accounting Coach, Bean Counter, and Learn.org. 

●     Explore the best free and paid accounting software for small businesses, including FreshBooks, QuickBooks, and Xero. 

●     Have some money to spare? Hire a freelance bookkeeper that fits your business needs and budget. 

Additional Resources

These additional resources can help new and growing businesses to stay afloat amid COVID-19.

●     ZenBusiness Resource Center for COVID 19

●     Steps Small Businesses Can Take to Avoid Coronavirus Extinction

●     Get Growing: Free Online Marketing Tools for Small Business

Proper bookkeeping functions are key when launching and running a new business, and these resources will help you understand the differences between accounting and bookkeeping and find the help you need to get your financial transactions in order. Affordable accounting tools are also available if you’re on a budget, so don’t shy away from these if you can’t hire a bookkeeper or accountant until further down the road. 

(Image via Unsplash)