5 Bookkeeping Tips for Small Businesses during This Pandemic

by James Spencer Blogger

It’s tough to keep your small-scale business afloat and manage your books accurately during this rising pandemic threat. However, with online accounting service providers still operating and assisting companies to stay up and running amidst the doom and gloom, all hopes may not be lost.

Here Are 5 Easy Tips To Manage Your Business Books During This COVID-19 Pandemic Lockdown!

1. Look to Perform Regular Financial Check-ups

If there’s one thing you don’t want to experience during this lockdown phase, it is having overdue invoices or dodgy figures which don’t make sense. With most business plans, stability being blown out of proportion due to this unexpected pandemic outbreak, it is very easy to incur mistakes from your side.

As the owner, instruct your assigned individual to thoroughly go over your business books on a weekly basis to ensure those potential errors don’t come about, and everything appears in ship-shape.

2. Keep Track Of Every Business Expense

While you look to get weekly financial check-ups, also instruct your bookkeeper to maintain detailed records and scan every digitised receipt! This will give you more control over each business expenses.

3. Watch Carefully Over Each Accounts Receivable

In such uncertain times, getting delayed payments is very much possible-especially for those who have been making payments via cheque. To prevent your business cash flow from drying up quickly (and for the safety of your employees), instruct all your clients to make wire payments!

With that, also keep proper track of every receivables’ due date and get in touch with those specific clients to conduct the payment via online as soon as they can. This will allow you to maintain your accounts receivables and avoid going cashless during this catastrophic situation.

4. Stay On Top of Your Anticipated Tax Bills

Despite the odds and current scenario; you should still look to avoid getting caught short on your anticipated taxation bills. Ensure all dues are cleared off from your end so that you don’t face any taxation complications.

You can even sync the tax business calendar with your own business’s cloud calendar to avoid skipping a deadline. It will send you reminders every week for any non-cleared payments.

5. Take Help from Pros Whenever Needed

Despite these suggested tips, it is easier said than done, especially with the kind of inconvenience working from home causes to most employees.

So, if you face too many issues or inconveniences, you can try and do as much as you can from your end and then outsource the remainder to companies offering professional bookkeeping services in Joondalup, Perth, WA.

These companies will help you handle whatever bookkeeping responsibilities you outsource to them- be it data reconciliations, maintaining accounting charts, generating financial reports and even managing journal entries.

In fact, believe it or not, these accounting and bookkeeping services operating in Perth, WA, are helping many small scale business in the region stay afloat even during this dire situation. And, they will be happy to assist you with your business books in whatever way you want them to.

So, without wasting a second, get in touch with them immediately and keep your business running- even when the majority of the world has come to a standstill.