Simplify Your Accounting | 3 Accounting tips for Business Owners

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Are you a small business owner looking to simplify your accounting? Here are 3 accounting tips for business owners large and small. On today’s Tuesday’s Tidbits we’ll discuss the three things that can have you spending less time on your accounting and more time on your business. And remember at Widget Bookkeeping and Tax we are always here to help. Give us a call today or leave your comments below, and please subscribe to us above and share us on Facebook below.

Script:
Welcome to another edition of Tuesday’s Tidbits where we make tax and accounting simple. I’m your host Charles D. Shapero, CPA with Widget Bookkeeping & Tax, and today I want to you talk to you about simplifying your accounting system. What I recommend to all my clients is that we do business out of one bank account and that we have one credit card set aside for business only use. I further recommend that we never pay cash for expenses Those three items taken together allow whoever’s doing your accounting and your tax work to look in two places for all of your business expenses your bank account or your credit card. Because we never pay in any expenses in cash We don’t have to worry about tracking cash, or worrying about that a cash receipt is going to get lost. destroyed, it’s gonna fade. Have you ever had a thermal receipt turn totally black? That proves nothing about where that expense went. So if we never pay cash for expenses, we use once bank account and one credit card, nothing can fall through our accounting system cracks. Everything is accounted for, except for one thing, your auto mileage. For that we recommend that you keep an auto mileage log, in a later Tuesday Tidbits we will talk about how to account for auto expenses. I’d also recommend using online bill pay, automatic payments and quickbooks whenever possible, once you start training QuickBooks and you link it up to your bank account, and your credit cards, you can download that activity directly into QuickBooks All of these tips saves the business owner time so they can spend less time doing their accounting and more time running their business and bringing in profits. This concludes today’s tidbit, thank you very much, see you next Tuesday! Widget Bookkeeping and Tax Know More, Keep More

Comments

Cathy Germer says:

Charles so informative definitely is very helpful to all businesses. The information is concise and to the point. It is a great resource which I will include in my information to start-ups and others businesses I talk with. Also a great opportunity for you to promote at the Clearwater Chamber upcoming Business Builders Series where you will be presenting. Thank you. Cathy Germer

Laura Mikkelson says:

As always…..very informative.

Bevv Beirl says:

Great info Charles — look forward to reviewing the other Tues tips

Ziporah Paskman says:

Fantastic job Charles! Your videographer is AMAZING!!! 😉

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