In the first year that you are running your own small business, there are likely many times that you feel as if you are in over your head and do not know what to do to keep your small business afloat. After all, there are many different factors and considerations that will be your responsibility including all of the finances and bookkeeping for your new small business. Get to know some of the ways that you can better handle your small business finances in the first year so that you and your business can stay afloat and become successful going forward.
Balance Your Registers Daily
No matter how tired or ready to go home you are after you close up shop to customers for the day, you do not want to skip dealing with the daily accounting books and cash registers. To make this process easier, you will want to use a computerized cash register that keeps track of your daily transactions by type (i.e. cash, credit, debit, check, and any other form of payment).
At the end of each day, you will then be able to print a list of transactions and amounts by type. The cash amount will help you to know how much should be in each cash register. If you want to make your cash record keeping as efficient as possible, you will take this overage out of the drawer when you count down your registers at night and put it in your safe to be deposited in the bank. This prevents the possibility of theft (internal or external) and makes your daily record-keeping simpler.
Hire A Small Business Accountant For Big Picture Accounting And Taxes
While daily accounting tasks can be quite manageable for you if you remain diligent, the bigger picture of your small business finances can be more challenging. This is particularly true because you are constantly worrying about and working on a myriad of tasks related to your small business that do not necessarily have to do with financial matters.
Hiring a small business accountant, like Don Lamb CPA Inc P.S., or accountant to advise you and help you out can make a huge difference in your business operations. For example, as a small business, there are many things that you may want for your business including changing and upgrading locations, expanding and opening new locations, or purchasing more advances equipment and business software.
However, the problem is balancing the things you want and need for your business with the realities of your financial situation. While profits may seem to be sufficient to get that bigger store location, the numbers may be deceiving given the debt your business may carry, fluctuations in sales, and the current costs to keep your business running. Your small business accountant will be able to look at the situation objectively so that you make wise decisions. They can also work on and file your business taxes for you so that you can avoid that stress and potential confusion.
With these ideas in mind, you can better keep your small business afloat in the first year and continue on to become successful now and in the future.