Tips to Keep Your Small Business Accounting On the Right Track

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Simple Tips to Keep Your Small Business
Accounting on the Right Track
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Accounting is and always will be a significant
function for business owners worldwide, but it
doesnt have to be a nightmare or a burden for
small businesses. It just takes a little
determination and proper planning to ensure that
your small business accounting records are
up-to-date and accurate at all times.
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90 SMALL BUSINESS ENTREPRENEURS FAIL TO MANAGE
THEIR ACCOUNTING BOOKS ACCURATELY.
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WHY?
Poor accounts payable receivable collections
Unorganized accounting books Improper set up of
the chart of accounts Lots of paperwork
involved Not filing of taxes on time Not using an
accounting software Delay in the payroll process
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Tips to Keep Your Small Business Accounting On
the Right Track
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ORGANIZE FINANCIAL RECORDS EFFICIENTLY
Update your records regularly accurately in order
to avoid the further mess while preparing the
financial statements of your business.
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UTILIZE CLOUD-BASED PLATFORMS
The cloud-based platforms can help your small
business to seamlessly manage your books and
also gives access to the team to analyze their
financial data at anytime, anywhere.
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KEEP BUSINESS PERSONAL ACCOUNTS SEPARATE
KEEP TRACK OF YOUR INCOME AND EXPENSES AT SAME
TIME
It is really important to keep a track of your
income and expenses side by side. It helps to
estimate your profit percentage and prepare an
effective budget plan.
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SET UP A BOOKKEEPING SYSTEM
Bookkeeping system helps to determine the
day-to-day processes of the financial
transactions being done. A proper record in a
general ledger makes a lot of positive difference
for the small business.
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KEEP BUSINESS PERSONAL ACCOUNTS SEPARATE
Keeping your business funds and personal finances
separate can save you from a lot of hassle while
managing your money. Using a personal account
rather than a business account can create
confusion during tax season, leading to excessive
time being spent separating out your business
transactions.
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SCHEDULE PROFIT AND LOSS STATEMENTS
Most important part of small business accounting
is to maintain the profit and loss statements
properly. Scheduling of these statements
provides a clear picture of the business
financial ups and downs and much more.
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RECONCILE THE BOOKS DAILY
Daily reconciliation of business accounts is
important to see if there are any differences
between two sets of records for your cash
transactions. It will give you a perfect solution
to overcome the headache of reconciliation
during your financial year-end closing.
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If you are still confused and dont know what to
do next then hire experts to handle your
accounting and bookkeeping tasks and stay
focused on your clients rather than being
involved in solving complex accounting issues.
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REASONS WHY SMALL BUSINESS SHOULD OUTSOURCE
ACCOUNTING PROCESSES

• Improved work efficiency
• A cost-effective way
• Access to domain expertise
• Enhanced business operations
• Improved in-house productivity

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Do you want to streamline your accounting
operations? Outsourcing Your Small Business
Accounting to Cogneesol is an ideal way to do so!
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CONNECT WITH US
Address Email id
30 Wall Street, 8th Floor New York info_at_cogneesol.
com
Phone no 1 646 688 2821
Website
www.cogneesol.com