Being a small business owner is no easy feat — you handle everything. You wear many hats to keep the operations running, and that includes accounting.
Yes, accounting involves a lot of numbers, computations, and formulas. It’s a hassle, especially if you’re not good with numbers. But, it’s important to pay attention to it because it involves assessing your assets, liabilities, cash flow, payroll, sales, and much more. Without it, your finances are a mess.
What Should You Do?
There’s no real formula for business success, but properly handling your finances really helps. As an accounting firm in the Philippines, we want you to succeed and to keep up with your accounting obligations. So, here are practical accounting tips for small business owners.
Tip #1: Create an Accounting Checklist
Accounting involves every transaction you’ve done since your business opened (sometimes even before). That’s why learning the basics of accounting, especially if you want to become a hands-on business owner, will help you understand its importance and how it will impact your decision making about expenses and expenditures. We advise you to create a checklist of terms and topics you need to familiarize to get started.
Tip #2: Monitor Seasonal Cash Flow
Is your business doing good or bad this quarter? As a business owner, it’s your responsibility to know the state of your annual and seasonal cash flow. Staying up to date with the ups and downs of your business allows you to come up with informed decisions on what products to promote or put on sale the next time you have a campaign.
Tip #3: Do Regular Bookkeeping
Definitely a time-consuming task, bookkeeping is all about data entry. It’s common for business owners to leave bookkeeping to the last minute because it takes so much time and energy. But that’s bad practice. Don’t let your business submit incorrect records because you did everything the last minute. Inaccurate records will lead problems during tax season. As a business owner, if you’re planning to outsource or do the accounting yourself, make sure to have a regular schedule to do your bookkeeping tasks so that you provide accurate data and submit on time.
Tip #4: Always Check Your Taxes
Taxes are fees that the government requires from individuals or corporations. In other words, if you don’t pay your taxes, you’ll face tough consequences. It’s a must for every business owner to know how much taxes they should pay during tax season as well as ensure that the tax documents filed are accurate, complete, and authentic. Also, understanding taxes allows you to understand how much money you need to set aside to be prepared when tax time comes.
In a business owner’s daily schedule, accounting takes up a lot of their time. Instead of focusing more on their businesses, they give more time to ensuring the numbers are correct and up to date. Another word of advice is to outsource your accounting tasks to a trusted Philippine accounting firm service provider.
There’s no need to worry as JCSN offers different types of accounting services to help you streamline your financial management systems as well as stay up to date with due diligence. Our accountants are backed up with over 15 years of experience in handling bookkeeping, payroll, taxes, and business registration as well as skill in using advanced systems to provide efficient and precise accounting outsourced services to our clients.
Lift the burden off your shoulders. Reach out to our team! Contact the following to speak with a representative:
Phone: +63 2 88247961 or +63 906 5586469