Growing Your Business

Your Complete Guide to Successful Small Business Accounting

7/19/2022

Proper accounting is crucial to success regardless of your small business's industry. If your books aren't done correctly, you could face all sorts of problems, from the inability to take out a loan if you need one to issues with the IRS at tax time.

Fortunately, you can do several things to mitigate the chance of accounting problems arising. As you continue reading this guide, you'll discover helpful tips you can follow daily to manage your small business finances in an orderly and efficient manner.

While it might initially seem challenging to implement all of these suggestions into your everyday workflow, remember it only takes 30 days to develop a habit – the more consistent you are with your daily accounting practices, the sooner these tips and tricks will become second nature!

Furthermore, when tax time rolls around again, your CPA will thank you for all of the work you've put in during the year. Your ongoing efforts will take the stress out of filing your business tax return, which is truly priceless!

Maintain separate business and personal accounts.

If you just started your business, you might be tempted to continue paying expenses out of your personal checking account until things take off. While this might seem like the simplest option, it can actually make things incredibly complicated from a business accounting standpoint.

Opening a business bank account isn't difficult in most cases, so it's wise to separate your business and personal finances as soon as possible after you launch your company. This way, there will be clear delineation between your financial resources for work and the money you have access to for personal expenses.

Pick the right accounting method for your business.

There are two major business accounting methods – the cash method and the accrual method. Definitions of the two options are as follows:

Cash method — income is recorded when it is received, and expenses are recorded when they are paid.

Accrual method — income is recorded when it is earned, and expenses are recorded when they are incurred.

Generally, startups choose the cash method until additional liquid assets become available. Some businesses also opt for modified accrual accounting, which combines the two tactics.

It is important to note that there is an accrual accounting threshold enforced by the IRS – for 2022, any business that earned has more than $27 million of average gross receipts is legally required to use the accrual technique.

Break down accounting tasks to make them manageable.

One of the traps that small business owners sometimes fall into is biting off more than they can chew. To make your accounting process less stressful, break down tasks into daily, weekly, and monthly checklists.

Each day, for example, the most important thing you can do from an accounting perspective is know how much money you have on hand. While this might seem like it would only be essential for retail businesses, it is vital in all industries.

You never know what unexpected expenses may crop up daily – plus, having a good idea of your cash position is also intelligent from an operations standpoint. The more you know about your small business's financial status, the easier it is to make everyday decisions.

Your weekly and monthly accounting to-do lists will vary based on what kind of business you own but they may include things like documenting and filing receipts, paying vendor invoices, and reviewing your projected cash flow.

Make estimated quarterly tax payments.

If you haven't been making estimated quarterly tax payments as a small business owner, there's no time like the present to start. This is the best way to avoid a huge tax bill in April and helps you better manage your company's money all year long.

You can pay estimated federal taxes and state taxes (if you reside in a state that requires you to pay income tax). To determine if you owe taxes during any given quarter, review your year-to-date profit and loss margin to see how much you actually earned.

We know that small business taxes can be complex, so we offer assistance for our clients every step of the way, from starting a company to growing your business over the years.

If you need assistance getting started – or getting back on the right track financially – the team at Martinez & Shanken is here to help.

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Julie Farless

Martinez & Shanken, PLLC is a Certified Public Accountant (CPA) firm based in Gilbert, Arizona. We provide a full range of accounting, bookkeeping, consulting, outsourcing and business services, but we specialize in tax preparation. We work with you to ensure that your personal or business processes are conducted in a manner that ensures ongoing integrity in your financial transactions. We are available to answer your questions and help with your ongoing tax planning and changing business needs.

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