Hope for Business Owners who Don’t Enjoy Bookkeeping

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Lendzz readers, please check out this great article submitted by our friends at AdultingDigest.com:

Every person has strengths and weaknesses. Not being great at something doesn’t make you weak; it makes you human. Some entrepreneurs and small business owners are naturally-born inventors or salespeople but aren’t great at dealing with the day-to-day details of running a business.

Many creative people find math difficult, but entrepreneurs must deal with math in several areas of their businesses. If you are in this category, there are ways to overcome your aversion to numbers.

Tackling Business Areas That Require Math

While bookkeeping duties may not be fun, they are necessary for every business. Some of the main categories are:

Accounts Payable and Receivable

Recording income and paying bills is a large part of a bookkeeper’s duties. Both need to be applied to the proper general ledger accounts. Whether you process sales on a point-of-sale or invoicing/ statement basis, accurately keeping track of the money you receive or are owed is critical.

Paying bills on time is essential for many reasons. Suppliers won’t provide goods if you don’t pay them, and services like phone, internet, and electricity can be interrupted due to late payments. Paying bills on time directly affects your business’s credit rating, and you’ll need a high credit score to qualify for business loans.

Payroll

Most accounting programs include payroll features, making processing payroll much easier than manual calculations. Employers are required to submit payroll taxes to the IRS, along with quarterly and annual reports.

Taxes

Businesses owe lots of taxes, and you want to pay them on time. Different types of taxes include:

Sales and use tax

Franchise/excise tax

State and federal unemployment taxes

Personal property taxes

Property taxes

State and federal income taxes

Payroll or self-employed taxes

You’ll also most likely need to renew business licenses and vehicle registrations.

Overcoming Accounting Difficulties

There are several ways to keep your business’s accounting procedures running smoothly while maintaining your sanity in the process. A few examples are:

Keep a Calendar

Many people these days use digital means to keep track of their schedules. However, if you aren’t crazy about accounting duties, a paper calendar might be more beneficial to record bills, payroll and tax amounts, and due dates. Looking at the month as a whole helps you keep track of what monies are due and when.

Take Accounting Courses

If you don’t like dealing with numbers because you’re unfamiliar with accounting principles, consider taking online courses. They are generally inexpensive and can teach you the methods and reasons behind accounting tasks. At the very least, understanding the mechanics of bookkeeping processes will make you more confident.

Hire Employees or Accounting Services

If you can afford to hire a bookkeeper or a bookkeeping service, it can take a load off your mind. Be sure that the person you hire is trustworthy and knowledgeable.

Purchase Accounting Software

Whether you’re keeping your own books or hiring someone else to do it for you, the right software can make accounting duties less stressful. There are many choices for businesses; consider what goals will be fulfilled by the package you choose. You may only need basic accounting functions, or you might require a comprehensive system including POS and inventory management functions.

You Can Do It

Business owners don’t have to like math, but numbers are integral to any company. Learning about the required types of accounting duties and finding a workable solution can relieve stress and let you focus on other aspects of your business.

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