Small Business Accounting Tips | BWK Accounting

There are many reasons individuals decide to own and operate a small business in Minneapolis.? Maybe it?s the community; maybe it?s the people, maybe you have deep family roots in the cities.? Whatever your reasons for wanting to open a small business in Minneapolis are, being financially organized is imperative.? You don?t have to be a CPA to run a small business, but consulting with one for your accounting needs can be a useful routine to fall in to.

• Keeping proper ledgers for your small business will assure that transactions are accurately recorded and documented.? At the very minimum make sure recorded on those sales ledgers are the:
  • Sales your business has made
  • Amount of money your business has received for goods or services
  • Amount of money your business owes at the end of the month

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• Planning for the rainy day is always a good idea, but also plan for the big purchases.? You never know when an unexpected business expense will raise its strange little head, but you can plan accordingly for large purchases and upgrades.? Accounting in advance for the upgrades and major purchases will keep you prepared for when it?s time to buy.

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• Working with experts will help keep your small business on the right path.? Retaining a CPA who specializes in small business accounting will ensure that the proper tax laws for your Minneapolis based business are being followed, and the appropriate level of expertise is being provided.

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• When owning a small business, it?s important to keep personal and business expenses separate.? One way you can do this is by using a business specific credit card and paying it off each month.? Credit card statements will usually come itemized and categorized, allowing your small business to stay organized.

Source: http://bwkaccounting.com/2012/06/small-business-accounting-tips/

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