On the blog today, we are sharing some of our favorite blog posts & resources for all the tips and tricks you need to know for managing the accounting, bookkeeping, and taxes in your business.
If you ask anyone who has been running a successful business for a few years now they will all tell you they hire an accountant and bookkeeper to manage their finances and taxes in their business unless a family or friend mentors them.
It is highly recommended that if you do have the resources, that you hire an accountant and bookkeeper or at least have them get you started and review taxes before submitting them.
However, many of us have not been in business long and new business owners must learn the basics of managing their finances on their own in the beginning.
So here are 7 of our favorite blog posts and resources that can help get your foot in the door when it comes to bookkeeping and taxes.
Think Creative Collective: Their blog post on Small Business 101 Accounting for the Non-Accountant is the perfect post to give you an idea of what you will have to learn all about. Abigail and Emylee not only explain the basics, but they even provide you with the tools from software to apps that you need to get your finances in order. Abigail and Emylee's post is the perfect place to get you started.
With Grace & Gold: Andra and Kelly have two amazing posts on managing your bookkeeping. Their first post, Organize Your Financials, goes into depth using visuals to show how you should be categorizing your bookkeeping. They furthermore go into sharing how they stay on top of planning for taxes. Their second blog post, 5 Monthly Check-Ins to Make Your Taxes Easier, is such a great tip for staying on top of taxes and checking in with your business finances every month. Once you get started with your finances and learn the basics it is so important to spend time every month checking in and making sure you are setting yourself up for success.
Amy Northard CPA: Before filing your taxes or anytime you manage your finances in your business, the best way to make things go smoothly is to stay organized. Amy is an accountant for creative entrepreneurs and her post on How to Organize Your Business Receipts and Paperwork is a great read to learn what tools and apps to use to keep your documents filed and clutter free. Amy even goes into explaining the importance of hanging on to your documentations and organizing your records.
Paper & Spark: As mentioned above it is highly recommended by most business owners to hire a professional. However, hiring someone is a scary step that can lead you to question whether or not you are making the right decision. leads to a lot of unknowns. If you have never worked with a Professional, Janet from Paper & Spark's post on Working With a Tax Professional is a great place to get an idea of what you can expect. In her post, she covers everything from what you can do before meeting with an accountant to be prepared (on your end) to make the process go smoother to why hiring a professional versus "DIY-ing" your taxes can benefit you and your business. Throughout this post, Janet shares her recommended professionals along with linking to some of her other posts that cover more about Tax preparation.
Iyanna: Another great article into getting a better understanding as to why you should consider hiring a bookkeeper is Iyanna's post Reasons to Hire a Bookkeeper as an Entrepreneur. In her post, Iyanna cover's three powerful reasons why hiring a professional can be a huge game changer for you. The way Iyanna shares insight into the purpose bookkeepers have in building an everlasting relationship with you and your business.
Steadfast Bookkeeping Co: Keeping up with your bookkeeping and filing your taxes takes a lot of time to get familiar with and if you still haven't quite got the hang of it, mistakes are easy to make. Stephanie from Steadfast Bookkeeping Co has written not one, but TWO posts all about 10 bookkeeping mistakes that are most common in small businesses and how you can avoid them. She explains everything from how to reimburse yourself when you pay for expenses in your business to how to track your mileage and even how you may be overstating your income. You can read part one here and part two here.
Number Nerd Bookkeeping Solutions: If you've already filed your taxes or are getting ready for the new year, Heather Pranitis from Number Nerd Bookkeeping Solutions wrote a post on Setting Up Accounting for the New Year explaining everything from the basics of deciding on an accounting program/system to scheduling check-ins to making sure your business is profitable and how you should review the costs of your products and services. Heather's post is a great place to start and just get a feel for what you should be taking into consideration at the beginning of a new year.
As you can see through the posts shared above, a lot of information can come from the experts themselves. If you are looking for a bookkeeper or accountant you can check out these ladies and resources below.
Paper & Spark: Founder Janet has created a must-read series on accounting in your small business which you can read here. Along with blog posts, Janet offers many other accounting and finance resources on her site, you can check out her spreadsheet library here.
Belong Magazine Resource Guide: The founder of Belong Magazine, Brooke Saxon, has created a resource guide with a whole section on Accounting & Legal Resources for small businesses. The resource guide is updated frequently and will, therefore, continue to be a great place to refer back to for the latest Accounting, Bookkeeping, and Taxes information. You can sign up to receive the guide here.