5 Easy Steps to Take Your Accounting as an Entrepreneur

The accounting of a business can be frustrating: it consumes a lot of time and does not provide additional income and not all use  quickbooks project management to lessen the work. lot of an entrepreneur’s management activities are reduced to the registration and organization of all the accounting paperwork of his small business: invoices over there, expenses there and taxes.

Sometimes what scares us most about accounting is not so much its complexity as its end result: What if I do not settle the accounts? What if I’ve done something wrong?

A good organization of your accounting is essential. To achieve this, we recommend the following five steps:

1. Get a billing program

The accounting of every entrepreneur should start with the most basic: management and control of income and expenses. A billing program can make your life easier. This is not advertising; It is wise.

A billing program will not only allow you to better manage and control your income and expenses and the taxes you pay, but will allow you to carry out more accurate business projections and reports on your financial situation.

2. Keeps track of your income

Probably your clients will pay you for income to account or cash, depending on the type of business you have. You can try quickbooks accounting training to make this easir. Be that as it may, it is good that you keep a copy of the operation to keep up to date what goes into your box.

It is good that your sales revenue takes you sorted chronologically (per month) or by alphabetical order of customer.

3. Keep track of your expenses

This is the other side of the coin in the previous section. As an entrepreneur it is not only good to keep a record of your expenses, but also organize them by categories. Here is an example:

  • Marketing Expenses
  • Cost of sales
  • Office costs
  • Facilities and buildings (rent, water, electricity, telephone and internet costs, etc.)
  • Cars and other vehicles
  • Immobilized
  • Purchase of stocks (raw materials and finished goods)
  • Legal and accounting fees
  • Investments, patents and other rights
  • Insurance and fees
  • Bank and financing costs
  • Cash income (salaries of employees, social security contributions, etc.).
  • Taxes

It may be a very exhaustive list. You do not have to follow her one by one. It is a list of categories adapted to your business and, to be able to be, to the General Accounting Plan.

It is also good that the registry is organized for months.

4. Keep track of your taxes

Any business activity is taxable. In Spain, entrepreneurs have to present different models of tax returns to the Treasury (VAT, IRPF, Corporate Tax) within a pre-set schedule.

It is good that you have a folder where you are recording the different taxes that you have to declare in the different models by the time the filing date arrives. You may also use quickbooks accounting program for the same purpose..

A folder or filing cabinet with the copy of your tax returns (ordered chronologically by quarter and year) would not be bad either, as well as a record of the taxes you have paid and what has been returned to you by the Treasury.

5. Saving time is also saving money (and energy!)

Spend a few minutes a month to update all the paperwork. Do not be left and do not leave it by the end of each term (not to say by the end of the year).

This will save time, as the paperwork you will have to put in order will be less. And who says saving time says saving money.

In addition, to not be afraid to try quickbooks job costing as this will allow you to have a clear idea of ​​the status of your accounting, pay your receipts and taxes on time (and no penalties or interest for delays), know which customer owes you money … And not least: you’ll save yourself some fright financial.

And here we go back to point one: in fact, a billing program can make all this work much easier, so saving time, money and energy will be much greater and your business will run more efficiently.