Avoiding Financial Mishaps In Your Small Business: Best Practices, Tips and Tricks,

Keeping accurate records for your small business is vital to keeping a steady cash flow and avoiding headaches at tax time. Mistakes and miscalculations in your bookkeeping and accounting prevent you from seeing problems in your company's efficiency and will prevent growth. On August 29th, join the Small Business Development Center and Karen Mason, owner of Monumental Accounting to learn how to improve your business' record keeping.

This course will cover the three most common small business booking blunders and how to avoid them:

Not having a system- You're a busy business owner, but that bin of receipts isn't doing you any good. You need to keep the right records, in the right place. You'll learn different types of software, how to set up procedures and internal controls, as well as general record keeping best practices.
Not tracking income and expenses correctly- Are you classifying credit card payments as expenses? Do you know the difference between expenses and depreciable assets? The accuracy of the information you put in, will control the accuracy of the reports and projections you pull out. We'll cover how you should classify different types of expenses and payments you make, and how to do the tax math for entering meals and entertainment expenses. We'll go over unique expense situations like payments to owners, credit card and loan payments, reimbursables, using the pay bills feature, and depreciable assets.
Not reconciling, or not reconciling correctly- Do you know often should you reconcile? Are you remembering to reconcile all of your systems? When should you close your books? Karen will share some basic best practices for reconciliation as well as tips, tricks and third party solutions to simplify the process. We'll make sure you're not double counting income from merchant accounts like PayPal or Square, and help you take advantage of vendor discount terms.

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Avoiding Financial Mishaps in your Small Business- Best Bookkeeping Practices

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