5 Insanely Helpful Billing Tips for Small Business and Startups
Posted Date : 12-November-2018
If you own a small business or startup, then one of the most important things that
you have to take care of is accounting. The accounting is one of the scariest parts
of the business management. If the bills, payables, receivables, debts are not properly
managed, the business has great chances of getting drowned even before it starts
growing.
Yes, accounting management is hard but with these insanely helpful billing tips,
you will surely be able to maintain the accounts perfectly. One of the best things
about accounting is it can be learned by anyone at anytime. If you follow certain
tips and tricks, it will become a lot easier to manage the bills and bookkeeping.
Here are five such amazing billing tips that will help you in managing the accounts
a lot:
Invest in a Bookkeeper or billing Software
You feel like you can do anything and can handle anything when you start the business,
but it isn’t true. It is important to take help from the bookkeepers or billing software in order to manage your accounts.
If you are unable to invest in either of them then try hiring a part time bookkeeper,
so that there is no need for you to pay them the monthly wage. A bookkeeper or billing software will help the business in so many
ways. They will prevent the errors and help the company with filing the taxes. This
is one of the first and foremost billing tips that all the business owners should
follow for better results. Bookkeeping is a very tedious task and investing a little
amount to get it done will help the business grow.
Keep Separate Records for Receivables and Borrowed Funds
The first thing that you have to learn when you own a startup is managing the money.
A startup requires a lot of funds when it is at the beginning stage. Most of the
owners borrow loans from the companies. It is important to differentiate the receivables
and borrowed funds. The payments that you get for the service or product that you
offer is a lot different from the borrowed funds. So make sure that they both are
separated and you have two different lists with the clear details. This is an important
billing tip that shouldn’t be neglected by the startup at any cost.
Maintain Accurate Day to Day Records
Another important billing tip is to maintain the accurate day to day records. Each
and every penny that has been received and paid should have a clear record. This
record will further help a lot. While the transactions that have been made through
credit or debit cards are recorded by the bank, the transactions that are made through
cash must be noted.
Open a Separate Business Bank Account
If you are planning to start a business or already have one, then one of the must
follow billing tip is to open a separate bank account. Having same account for personal
and professional transactions will lead to a disastrous situation so it is important
to maintain a separate business bank account in the name of the company only. You
have to use this account for all the transactions that are related to the business.
This billing tip is very helpful for any type of business as all the business transactions
would be at one place.
Calculate Monthly Profit
This billing tip will help any business a lot. It is not easy to make estimations
regarding the small business management. The numbers will become complicated. Keep
an accurate system of the expenses that you make so that you will be able to know
how much money is needed to run the business for a month.
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Conclusion
Managing the accounts is very important and hard at the same time. The business
owners should take explicit care while taking care of the accounts and should maintain
them with utmost perfection.
Above tips are very necessary for the maintenance of any type of business. Whether
you own a small business or planning on a startup, consider these
billing tips for effective management . restaurant.