Are you one step ahead of your competition?

Every day, more people choose to start their own company. Research shows that small businesses make up 99.9% of United States businesses! That means everywhere you turn, there’s a small business competing with you for customers.

If you want your business to thrive, you have to know how to maximize your time and money. That’s why we’ve put together this short guide, with the best accounting advice, for small business owners, just like you. Stay ahead of your competition, by keeping your business finances in top shape.

Read on to learn the right way to do bookkeeping inhouse.

Amazing Accounting Advice

First, London accountants, Accounts and Legal advise: Always separate your personal expenses from your business expenses. When you keep these 2 expenses separate, it makes managing your company’s finances much easier.

Now, when you want to see how your company’s doing financially, you’ll be able to easily tell, without your personal expenses getting in the way. Tax auditors are also less likely to bother you when you have both a personal and business income.

Next, make sure you always pay yourself first, before investing more money in your business. If you’re not able to take care of your personal bills (like rent or utilities), you won’t be able to keep your company afloat for very long.

Automate Your Payroll

One of the issues company owners faces when they do payroll on their own is mistakes. Small errors can delay employees’ pay, lower workplace morale, and even cause penalty fines. Luckily, services like, CheckMark Payroll, make it easy for business owners to save money by managing their payroll.

Using up to date software, you’ll be able to enjoy the peace of mind knowing there won’t be any payment errors. To really take things up a notch, you should also look into using accounting software that integrates with the payroll software.

Accounting Tips and Tricks

Always pay your business expenses on time if you want to move forward with your company. Having to make late payments can put your company in a desperate position.

Instead of being able to plan for growth, you’ll be working backward to pay off your debt. If your company’s having issues staying up to date with payments, it may be because you need to cut costs in one or more areas.

In addition to paying things on time, you’ll also want to make sure you file your taxes on time too. We suggest you try putting your tax funds in a separate account. Then, when tax time comes, you’ll have all the money you need, without having to search for extra cash.

Add Your Way up to Success

There you go! Now you know the best tips when it comes to accounting advice for small business owners.

Was there anything you learned today that you’re not already doing for your company? If so, take action right away to start implementing all of our accounting tips into your bookkeeping process.

We understand that running a business is an ongoing learning process. To learn more about how you can make your company successful, check out the rest of this site!