When you're running a new business, it can be overwhelming to keep up with employees, finances, and everything in between. While outsourcing some parts of the business might not be at the top of your priorities, hiring a business accounting expert can ensure your finances are in order. Here are a few tips for new business owners. 

How to Stay on Top of Business Accounting

1. Always Keep Financials Separate

It can be tempting to merge your business income with a personal account, especially in the beginning when money is tight. However, you should create a separate business account from the start. This is helpful during tax time and lets you see the expenses up front. It can also help you establish a business line of credit.  

2. Understand Accounting Practices

Read up on tax structures and business taxes so you're never hit with fees or penalties that you didn't know about. Hire a trusted accountant who has expert knowledge in this field. They’ll help you prepare for tax season and understand what your obligations as a business owner are.

3. Keep Records for Everything

From payroll services and bank statements to expenses and tax write-offs, always have a paper and digital record of your finances. Keeping track of everything coming in and out will help you understand the entire financial picture. Plus, it'll make tax time easier when you have everything on hand to reference—especially in the case of an audit. A CPA can use a system with you, such as Quickbooks to keep a record of everything in one place. 

4. Plan for the Future

Always look to your business' future. Talk with an accountant to determine what your goals are for the year, next five years, and beyond, so you can set realistic goals, such as how much you should sell or how many clients you need. Tracking business performance sets you up for financial success.

If you're a new business owner looking to get your bookkeeping and accounting services in order, contact Joe Heard, CPA in Checotah, OK. He has been serving the community for more than 15 years. He offers comprehensive business accounting services and will ensure each client gets individualized advice. To learn more about his business consulting services, visit him online or call (918) 473-1492 to set up a free initial consultation.