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7 Helpful Bookkeeping Tips from a Certified Bookkeeper

November 15, 20232 min read

"Stick to these tips, and you'll see your business thrive like never before. Remember, tidy books mean smarter decisions and more time for the things that truly matter."

Managing your finances doesn't have to be a headache. As a Certified Bookkeeper specializing in contractors and trades, I've got some seriously useful tips to help you keep your books in shipshape and your business sailing smoothly.

1. Keep Things Separate

Let’s not mix business with pleasure! Having separate bank accounts and credit cards for your business not only keeps things tidy but also makes tax time a breeze. No one likes a tax headache, right?

2. Stay Consistent with Records

Trust me, a little consistency goes a long way. Set up a system—whether it's QuickBooks Online, or a free service like Wave Accounting for startups—to record every single transaction. Regularly checking and reconciling your accounts helps dodge those pesky mistakes.

3. Sort Those Expenses

Sorting expenses might sound like a bore, but it's a game-changer. Split things up into categories like materials, subcontractors, or equipment costs. It's like having a roadmap to where your money's going!

4. Go Accrual for Accuracy

Ever heard of accrual accounting? It's like having a clearer lens on your finances. It shows when money's earned or spent, not just when it lands in your bank. Trust me, it paints a better picture.

5. Nail Those Invoices

Timely invoicing means smoother cash flow. Set a schedule, send those invoices out, and don't be shy about chasing up late payments. Using some cool accounting software can automate this stuff, making life simpler.

6. Review, Rinse, Repeat

Let's have a regular check-in with your finances. Take a peek at those statements—profit & loss, balance sheet, and cash flow. It's like giving your business a health check. Helps spot trends and any hiccups before they become big problems.

7. Don't Go It Alone

Finally, don't be afraid to ask for help. Whether it's from a pro bookkeeper or an accountant, their expertise is pure gold. They'll guide you through the tricky bits and keep you on the right financial track.

By putting these tips into action, you'll find managing your books becomes a breeze, and you'll have a clear view of your business's financial superhighway.

Stick to these tips, and you'll see your business thrive like never before. Remember, tidy books mean smarter decisions and more time for the things that truly matter.

Want to find out if outsourcing your bookkeeping is the right move for you? Schedule a discovery call here! We'd love the opportunity to answer your questions and earn your business!

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Chrissy McFarlane, CB

Certified Bookkeeper through the AIPB and QuickBooks Online Advanced ProAdvisor

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