Bookkeeping Help for Entreprenuers
Why You Need Bookkeeping Help
In running a business, there are employees to manage, and clients and customers to make happy, so your time is limited and already stretched thin. Jargon makes bookkeeping confusing. Accounting software usually doesn’t make these boring, confusing takes easier, they actually make it hard. The reality is bookkeeping is actually simple.
How to Find Help?
You might find a bookkeeper that can help you, you may find a software package (like LessAccounting) that is designed to optimize your bookkeeping tasks.
- Chizoba Morah at Dollars Inline
- Stephanie G. Travis at Bookkeeping for Startups
- Hire our bookkeepers
What is Bookkeeping?
Bookkeeping is a series of routine tasks that keep your financial date organized and make filing your taxes easier. Having well kept financial books will also assist you in making tough business decisions. Like did you make money last month? Who is your best customer? And can you afford another employee?
If you need bookkeeping help, you may be overcomplicating one of the following steps.
- Sales: Sending proposals, and following up on client leads.
- Invoicing (Accounts Receivable): Sending invoices to clients, reminding past due clients, then depositing invoice payments.
- Expense (Account Payable): Simply put, accounts payable is paying your bills. It’s getting a bill or invoice & paying the money owed.
- Expense Categorization: As you pay bills these expenses will be categorized for tax purposes. Different “ways” a business spends money are tax deductible by different percentages.
When a business borrows money they’re liable to pay it back. A balance on your credit card is considered a liability as well. So in most accounting software a deposit, will be marked as a liability, not technically “income”.
- Tagging: With most accounting software you can add additional data to expenses and deposits to give you deeper reports. Tags are used in LessAccounting to filter data by projects or revenue stream. There are more reasons but these are the common ones.
- Fixed Assets: An asset is an “expense,” something a business purchased that has value or produces value. An example of this would be a photographer that buys a new camera.
- Depreciation: As an asset gets older, it probably loses value. There are many methods of depreciation, but the concept is an asset loses value over the course of multiple years.