Orange County Bookkeeping Tips

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Keeping books is not an easy job. Although many small business owners might attempt to do so from time to time, keeping your own books is a difficult process especially if you’ve not been trained in bookkeeping. Bad books or books that are disorganized and incomplete can cause a business quite a few problems. This is where an Orange County bookkeeper like Kaylene Spangler can step in and straighten things out for you. The problem is in these trying times not everybody can afford an Orange County bookkeeper even one so affordable as Kaylene. In an effort to help those who need to or choose to go to go it alone with regards to keeping their books Kaylene offers the following basic bookkeeping tips.

Bookkeeping Tips

  • Use the right accounting system: Choosing the right accounting system can determine how successful you are in keeping your own books. Some businesses use either cash based or accrual based accounting and you’ll want to be sure when you use the one that fits you and your business best.
  • Maintain daily records: This is the most basic of basic rules. If you don’t keep accurate daily records you are not going to have a way to track your business’s financial condition. Set up a system that’s easy to use and maintain and you’ll be on your way.
  • Handle and review checks carefully: When dealing with checks it’s easy to fall into autopilot mode and find yourself tossing canceled checks into a drawer or filing cabinet without ever reviewing them. Those checks however are as good as cash and if something goes wrong you and your business are on the line.
  • Get a bank statement with a month-end cutoff: Synchronizing bank statements and your additional monthly records will make it very easy to reconcile statements and track all of your expenses.
  • Leave an audit trail: Have a system set up so that you can easily retrace your company’s financial activities which can save you when you’re in a pinch with the IRS. Place invoices and checks in chronological numerical order and always keep separate bank accounts for business and personal funds.
  • Use a computer: This is 2010 and if you’re not using a computer along with bookkeeping software your chances at Orange County bookkeeping are likely going to fail. These software applications make it easy to track income and they get you ready for taxes and make a summary of all financial activities and records pertaining to your business

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