2017 is just a few short weeks away, and the holiday season is the time of year when people begin to look at ways that they want to improve. 2017 might be the year when you cut down or eliminate that bad habit or start a new trend that will help you lead a better habit. Business leaders and small business owners in Canada, the United States, and across the globe can consider their own resolutions as well to make smarter business decisions and enact stronger processes and planning to hopefully help the business reduce inefficiencies and strengthen growth.
As a Chartered Professional Accountant, Randall Dang provides a wide variety of accounting services to his clients that include basic tax preparation and temporary CFO duties. He also serves as a consultant on various business functions and applications, and he has provided his services to a wide range of clients in the Vancouver City area. His knowledge of accounting best practices is quite extensive, but his advice for small business owners is actually quite simple. Here are several tips Randall Dang wants to you keep in mind if you’re making 2017 New Year’s Resolutions for your business:
Accounting Is All About the Details: Most business owners understand that they have to keep records of where they spend money, how they spend it, and the details on any incoming cash. Tracking debits and credits is very easy these days with online business banking, but details about those transactions must be kept in one place to ensure they can be accessed if needed. Details include the source of payment on anything and how incoming invoices were paid for.
Collect and Store All Receipts for Tax Write-offs: Depending on the type of tax deduction you’re looking for, you will need to provide either a receipt, check stub, or some other form of evidence. For example, charitable contributions often require a receipt in order to be claimed as applicable deductions. Keep this in mind throughout the year, so you can make yours or your accountant’s life easier come tax preparation time.
Schedule Ongoing PSLs: Your accountant or accounting consultant could also suggest conducting PSLs on a monthly or quarterly basis to provide key information on the health of your business. Regular PSLs allow you or your accountant to ensure accurate records are being kept and any necessary corrections on activity data found in those reports are made as soon as possible.