Accounting 101: Quick ways to manage your Books

PUBLISHED: SEPTEMBER 20, 2019

 

Do you belong in a Small or Medium Sized company and having trouble in managing your books or at least keeping it balanced?

SMEs must understand that Accounting has a huge impact in making your business stable and successful. But often times Accounting becomes a low priority for small business owners, specifically, as they face other responsibilities in terms of managing and maintaining daily operations.

That’s why we listed down 5 Quick and Easy ways to manage your Books!

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  1. Keep Track of your Cash Flows

For SMEs, it is very important to understand the data on your table because it will lead you to better decisions.

Cash Flow Statement is one of the essential reports that you would be needing. Cash Flow Statement monitors income direction and it lets you see the payment cycles and seasonal expenses.

  1. Record Expenses

One of the reasons of Tax and Accounting issues is not being able to secure copies of expense reports or receipts. This is a poor bookkeeping when you are not familiar with the charges or expenses stated.

To eliminate this dilemma, you must save a copy or receipts for all your expenses and itemize it so you can have accurate reports come tax season.

  1. Invoices vs Receipts

Mixing up invoices and receipts is an all-too-common way for small business owners to mess up their books. A simple piece of accounting advice to follow is to know the difference between the two.

An invoice is a bill that’s sent to customers after they’ve received your services. While receipt is proof that a transaction happened. It’s what you give your customers after a transaction is complete.

  1. Hire an Accountant and Assure Clear Communication

Work with an Accountant in managing your books and make sure you understand some accounting jargons to lessen confusion within your communication.

You need to see your accountant and tax professionals as part of your company since they’ll be the one who’ll guide you in the Accounting process.

  1. Embrace Technology

Managing of Books must not be a burden to companies since there are a lot of available Accounting System which provides automatic recording or Book Transaction. Quickbooks and QNE Accounting System are two of the providers of Accounting System that adopts to the requirements of SMEs.

QNE Accounting System is locally designed for Filipino Businesses. To know more about QNE’s Business Solutions and Services, visit www.qne.com.ph.