Accurate bookkeeping is essential to your success, but it’s tedious and time-consuming. Whether you are a home-based business or a small brick and mortar, our reporting and recordkeeping services make it easy to keep track of your money. By outsourcing your books, you’ll have more time to generate profits.
We can manage all your checks and balances with services such as:
Bookkeeping Tips for Small Business Owners
At Sharon M. Gum, CPA in Waterloo IL, we’re happy to help manage your books, but there are several things you can do to make our job easier.
Keep Business and Personal Finances Separate
No personal transactions should flow through your business bank and credit card accounts. You should have separate accounts exclusively for business, even if you are just a freelancer or contractor. This reduces the number of transactions we must reconcile.
Reimburse Yourself for Business Expenses, Including Mileage
When you pay for a business expense with personal funds, have the company write you a check to reimburse you. You will need to submit a spreadsheet to us stating the date, vendor, and purpose, along with attached receipts. For any business mileage that you drive using a personal vehicle, you should reimburse yourself 65.5 cents per mile. The date, miles, and purpose of each business trip should be submitted. All business expenses can be deducted.
Always Keep Track of Receipts
The IRS requires receipts to substantiate all tax deductions. Keep a file folder with receipts for each vendor that you can pass along to us. We will scan the receipts to make electronic copies.
Invoice Customers Within 48 Hours
Sending an invoice within 48 hours is one of the accounts receivable best practices because it helps speed up collection. When customers receive an invoice soon after a transaction, they are more likely to pay quickly which can help us track payments and improve your cash flow.
