Keeping your books clean is extremely beneficial for your business. Not only does it help during tax season, but it can also help you see where financial issues are happening throughout your company.

Continuing to have accurate records of money going in and out of your business can get messy though, especially if you have numerous transactions happening every month.

Use the checklist below to review your books:

• Check all entries...

Sales tax is calculated based on a percentage of your products and services sold, and it’s a consumption tax that is a part of almost all transactions. Depending on your state, county, and city, sales tax might not be applied to specific products and services.

If you want to learn more about the sales tax guidelines in your area, there are numerous resources you can use that are similar to the following guide linked below:

https://howtostartanllc.com/taxes/sales...

Every business will have its own preferred method of billing customers and clients.

For instance, if you have an online shop with Etsy, you will use an electronic form of payment to bill the customer whereas if you offer services you might send an invoice or accept cash only.

One other method that is useful for businesses that offer service contracts to clients are setting up a recurring charge.

These kinds of charges can be completed ...

As annoying as it can be to track bills, it’s absolutely necessary for your business.

Tracking all of your account payable items in your bookkeeping system is going to help you see where a majority of your operating expenses are going. It’s also beneficial when it comes time for tax season.

What do you need to track?

So… what exactly counts towards the bills you should track when it comes to your bus...

Issuing refunds is a part of almost any kind of business whether you offer services or products.

Maybe someone overpaid an invoice, a customer didn’t like the product, or the service/product sold resulted in damage.

So, how do you go about issuing a refund and setting that up in your financial records?

Refund Best Practices:

One of the policies you should have for your business is a refund policy. Although you might be...

Owning a business means that you will have financial responsibilities.

So, it’s important to know these terms when handling your finances or when discussing your finances with your bookkeeper or accountant.

1. Accounts Receivable

When you perform a service or provide a product, the amount your customer owes you will be the account receivable. Although you are waiting for this amount to be paid, it will still be...

Have you been tracking your jobs?

Keeping all projects, clients, and purchases together when completing a job is extremely important for invoicing. It can be helpful in other areas as well such as:

• Job History: By continuously tracking your time, you are able to look back at similar jobs to give your clients better estimates on how long something will take.
• Tracking progress: All parties included (you, your clients,...

When assessing finance charges it’s best to review them monthly to keep up with everything owed.

Finance charges can include loan processing fees, interest charges, late fees, and other costs going beyond the amount borrowed/owed.

Luckily, there are ways to improve your cash flow and lessen the amount of finance charges you need to assess:

• Offer discounts when your Clients or Customer pay early
• Reduce the payment cyc...