Dome Duong - Top Ten Accounting Tips for Small Business

Kelowna accountant Dome Duong's top accounting tips for Small Business owners.
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Dec. 10, 2012 - PRLog -- Tip # 1 – Learn the basics of bookkeeping – even if you do not plan to be the bookkeeper! You may have delegated the task of bookkeeping to an employee or business partner, but that doesn’t mean that the bases will always be covered. In cases of emergency, illness, etc., it is important that you know the basics in case you must take over the responsibility.

Tip # 2 – Establish a petty cash fund. This is a great tip to avoid issues with minor and unexpected expenses the creep up. Usually these expenses are so small that it is not worth writing a cheque or using the store credit card – such as buying staples or cleaning supplies. Document receipts for all purchases made with the fund, and replenish when needed. Make sure to do routine “surprise” counting to ensure that the amounts add up on both ends.

Tip # 3 – Keep it simple. Make your record keeping methods as simple as you can. Use the early years of your business as a learning process and build up your accounting methods slowly. Rushing into anything complicated can sometimes be a recipe for disaste, and diving into something you do not fully understand is simply overwhelming.

Tip # 4 – Use two methods both paper and electronic bookkeeping – continuing to book keep on paper might not sound worthwhile – but trust us, it really is! To many people, electronic bookkeeping can easily become a confusing mess of unbalance numbers that make no sense! Keeping records on paper always feels more hands on, and in many cases it is easier to find where you may have gone wrong. If you prefer to work on the computer, be sure to keep printed copies of important documents in case of emergencies.

Tip # 5 – Prepare and monitor budgets and profits. Creating (and sticking to) a budget will always help keep expenses in line, and allow you to see actual results reflecting planned ones. This will help guide your expenses and keep your profits up!

To read the next five tips, visit our website!
Source:Dome Duong, Chartered Accountant
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