(bookkeeping for small business hidden secrets medium matt oliver)Bookkeeping services are an integral part of all small businesses, as well as bigger companies, who want to keep track of their expenses and income in order to be successful. But because these services aren’t usually given too much thought, it’s easy to forget how useful they can be until it’s too late – and that’s where Medium Matt Oliver comes in! Matt Oliver helps small business owners with their bookkeeping needs by explaining why it’s so important to use his services and what he does to help his clients.
What Is Proper Record Keeping
If you’re looking to keep your business bookkeeping up to date, it’s best to keep track of what can be considered as proper record keeping. When you look at it from a broad perspective, it may not be all that difficult; however, there are some things that you need to remember so that when tax time comes around, things will go smoother than before. That said, these are just a few key points that need to be kept in mind if you want your business bookkeeping procedures taken care of properly.
The Importance of Good Record Keeping
While we’re sure you know that good record keeping is important, we’re willing to bet you didn’t know just how important it really is. In fact, if your bookkeeping system is lacking, there are a lot of hidden dangers lurking around every corner, waiting to strike and costing you money. Good record keeping helps to prevent errors and supports your business decisions while keeping you out of trouble with tax agencies. On top of all that, good records can help reduce stress and save time. If you need inspiration or motivation to improve your current bookkeeping method, here are three common pitfalls many small businesses fall into on a regular basis.
Keeping Track of Expenses with Your Phone
If you’re a small business owner, there are two main questions that you need to ask yourself every month. First, what am I spending money on? And second, is my business making any money? One way to answer both questions is to keep track of your expenses with an app like Pocket Expense. If you want to make sure your hard-earned dollars are going toward something worthwhile, try tracking those expenses on Pocket Expense. At a glance, you can see if anything looks out of place and get an idea about how much money you can expect to bring in at month’s end. Your accountant will thank you. He doesn’t have time to open up all your invoices and read through every receipt.
Three Tips For Dealing With Cash Flow
Profit margin is an incredibly important metric to track for businesses, as it can tell you if you’re earning enough per sale or if you’re actually making a profit on sales. And there are some simple ways to find out your profits from any business. For example, say you sell cupcakes at a bake sale, where each cupcake costs $1 and is sold for $2; that would be a 100% profit margin. If each cupcake cost $1 but only sold for $0.50 (50 cents), that would be 50% profit margin, meaning half of each dollar in sales will go toward buying ingredients and paying employees while the other half goes into your pocket.
Know-How Much Profit You Make
If you don’t know how much profit you make, how can you know how much to set aside in taxes? If your business is a sole proprietorship, that means it’s under your name and you’re responsible for paying tax on all income. Calculating tax liability can be tricky because your profits are equal to income minus expenses; if expenses get high enough, your profits could be negative. You need to keep track of every dollar that comes into or goes out of your business so that it’s easy to calculate taxes owed on any given month. For example, figure out what time each day or week you take a salary from your business; every dollar after is taxe as profit.
How To Keep Track Of Time
No access to a computer? No problem. With computers becoming smaller and more portable, there are tons of options out there that you can use to get work done. If you really don’t have access to a computer, your best bet is to borrow or rent one from a friend or coworker. Many colleges will also lend out free computers on campus or allow students remote access at no cost. Or try using public libraries—many now offer free wireless internet in addition to checking out laptops and other devices.
What To Do If You Don’t Have Access To A Computer
If you are starting a business, chances are you will not have access to a computer. If you do, it is still important to read through your record-keeping process several times so that you understand everything that needs to be track. Some parts of bookkeeping can done with pen and paper, or simply in your head. For example, recording income is something most business owners can do without relying on a computer at all. It’s important to keep detailed records from day one.