Top 11 Small Business Accounting Tips: “It’s All In The Numbers”
Most financial professionals agree, there are 11 important tips to keep in mind as you set up and run your own business:
1. Separate business and personal expenses
2. Track every business expense
3. Accurately record income
4. Consider hiring a professional, even if temporarily
5. Automate accounting practices with accounting software
6. Dedicate time to update your books
7. Keep tabs on labor costs
8. Be prepared for major expenses
9. Maintain inventory records
10.Follow up on invoices and receivables to avoid overpaying on taxes
11. Create financial projections for future years
Many people don’t like to deal with finances, but it is important to learn the basics. Effective accounting and bookkeeping can make the difference between success and failure. If you have questions about finance and bookkeeping as it applies to your business, don’t hesitate to call us at New Mexico Community Capital. We’ll be glad to help. (505) 924-2820 or info@mcccap.org
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