- Hire Wisely
Hiring a trusted and efficient team with key collaborative characteristics, is essential for success in small business accounting. From good time management skills and knowledge of the industry, to the ability to grow & adapt with your company’s forward moving success, hiring a team that will bring these practices to life will maximize productivity leading to company growth and prosperity.
- Organization is Always Key
From your desk to your documents and everything in between, having an organized workspace can make all the difference in small business accounting. Small things such as a clean desk, a neat filing system, keeping track of essential paper/electronic financial documents, having a separation of business and personal expenses, and setting aside money for taxes will not only make your life easier, but work more efficiently as well.
- Tracking in and Tracking out
Whether it’s coming in or whether it’s going out, being successful in small business accounting means being aware of revenue and expenses that your company is generating. Utilizing tools such as balance sheets to organize and separate documents, creating calendar reminders for recurring payments, digitalizing hard copy documents, and familiarizing yourself with the latest accounting software are all great ways to guarantee you are staying on top of money coming in and out of your company.
- Manage your time
When you’re working with numbers in small business accounting it’s easy to get overwhelmed — but there are strategies you can use to help alleviate some of the stress and manage your time by tasks, days, and even time slots, to guarantee your work is getting done to standard and on time. One of the most helpful things you can do in this industry is create a To-Do list, prioritizing time sensitive tasks at the top and working your way down. Once this is done, you can create a day-to-day schedule based on your To-Do list, assigning tasks to certain days of the week— you can even take this a step further by assigning time slots to each task to guarantee you’re being productive and staying on track.
- Budget Keeper, Goal Seeker
As the keeper of your company’s finances, it’s the job of small business accountants to be mindful and responsible with their employer’s money, through goal setting and budgeting — there are many different budgeting tools and techniques so do some research and find the one that works best for your goals and objectives. To start, prioritize your expenses and set specific short- and long-term goals for your company. Next, make sure you are staying on top of your budget with monthly updates and changes, so you stay organized and don’t fall behind. Additionally, make sure you’re not only tracking your progress but also holding yourself accountable and seeing where you can improve in following months when numbers don’t go to plan.