Small Accounting Business Tips Part 2

Our last blog post discussed a few of our top small business accounting tips including separating business and personal bank accounts, using accounting software, creating profit and loss statements, and regularly updating your financial records. Continuing on the subject, we wanted to provide a few more small business accounting tips that are especially relevant regarding the post-pandemic way of life. 

After such an unexpected and turbulent year, many things have changed, especially in the small business realm. Many small businesses that didn’t have to close their doors had to make some tough changes due to their financial situations. Because of such drastic and quick changes to small businesses around the country, it can be challenging to ensure that your small business is in compliance and protected from unwanted audits. 

Here are some additional small business accounting tips to keep everything running smoothly:

Keep All of Your Financial Documents Organized and Easily Accessible: It is always ideal to keep track of your financials in a safe, organized way. You never know when you’ll have to look through your records, so keeping them easily accessible and secure will make it easier for you in the long run. If you haven’t done so already, we recommend keeping virtual documents as backups and storing them in a secure, encrypted file. 

Utilize Online Resources: Everything is trending towards digital, and your small business should do the same. As a result, it’s more important than ever to have a strong online presence, and several online resources that can help give you the guidance and support you need to boost your business on the web. 

Consult with a Small Business Accountant: Even if you have the best intentions, it can be tricky to keep everything in order when it comes to financials. If you aren’t a tax expert or simply don’t have the time,  We  specialize in small businesses accounting, tax and business consulting.

Plan Ahead: If last year taught us anything, it’s that life is unpredictable. While we can’t always know what’s around the corner, it is in your best interest to attempt to plan ahead and make sure that you have a strategy for different scenarios that may unfold. Whether that is financial, management-related, or the goal of growth, make sure to think about your plans for the future. 

Our accounting experts at Compass Accounting work with small businesses in Mukilteo, Edmonds, Seattle and the surrounding areas. We can help support and streamline your accounting process and help you best navigate the post-pandemic situation. Schedule a consultation with us today!