Bookkeeping Tips for Small Business Owners

Even though small businesses need to keep their records accurate, they may not have the money to hire a bookkeeper. Fortunately, a few simple steps can be taken to get started with bookkeeping.

Bookkeeping Defined

Bookkeeping is the process of keeping track of your financial transactions. It involves recording all of the details of a business’s activities in terms of income and expenditures. This is a part of the more extensive accounting process.

This process is primarily used to provide an accurate and timely financial report to accountants so they can use it to communicate a company’s financial results to potential investors.

Spreadsheet Option

A spreadsheet is the best choice if you use a single-entry bookkeeping method. This method is ideal for small businesses that are sole proprietors or those that have limited liability companies.

A spreadsheet can also track all the payments and expenses that come into and out of your business’s bank account and credit card. A running total will allow you to see how much money you’re making and how much you’re spending. This record of income and expenses will be enough for your accountant to prepare a financial report for your company.

Software Option

Many small business owners, especially those who are sole proprietors or those with limited liability companies, may find it helpful to use accounting software to keep track of their financial transactions. Various free programs can provide multiple functions, such as tax management and invoice.

After you’ve found compatible software, you can connect it to your company’s bank account to track all the money that flows into and out of your account. Accounting software can help reduce errors and provide a more accurate record of your financial transactions. It can also help you integrate various parts of your business, such as banking and tax management.

Conclusion

Before starting your business, ensure you have the proper bookkeeping software installed. One of the best ways to start is to establish a separate business account for your company. This will allow you to track all the transactions that come into and out of your company.

ABOUT CAMERON FORNI

In 2015, Cameron Forni pioneered the first vape cartridge free of silica fiberglass. From his creation, Select, the best-selling cannabis brand on the West Coast, was born. Five years later, Cameron has become a power player in cannabis and has been recognized by some of the industry’s most reputable publications, such as High Times Magazine, Inc. Magazine and Marijuana Venture Magazine.

Considering himself an entrepreneur by trade and blood, Cameron has always had a hand in building companies. His first venture was selling flowers on the side of the road as a child. As a high school student, he made money by managing a car detailing business. While working towards his degree in Business Administration from the University of Oregon, he built an event company. The ability to solve problems that no one has ever experienced is an entrepreneur’s cross to bear, but Cameron Forni always reveled in the challenge.

When he graduated from college, he set out to create jobs rather than take one. Cameron’s first official foray into entrepreneurship came when he co-founded TextNoMore, an app that rewarded drivers who avoided texting while driving. Then, he co-founded TryEco LLC, which produced a patented, starch-based, and biodegradable, super absorbent polymer used in agriculture. To Cameron, his business focus has always revolved around a mission to build companies and products that would offer people a better life and achieve more. Eventually, that mission led him to cannabis.

After creating what is now the industry standard vape cartridge, Cameron Forni launched Select Oil and, later Cura Cannabis Solutions. His companies saw record-breaking success in the industry. Select’s products are sold in over 900 retailers, and Select Oil is the #1 selling brand in the country. In 2019, Cameron continued setting records, leading his companies in a billion-dollar acquisition by Curaleaf, essentially creating the largest legal cannabis company by revenue.