3 Ways to Organize Your Company's Bookkeeping

1. Separate business and personal.

Small businesses often mix business with pleasure. That means that as many as 27 percent keep it "simple" and use the same credit cards and bank accounts for business and personal use, according to one survey. While that may be convenient in the short term, the long-term outlook isn't as good. In fact, it's a bookkeeping nightmare for you or your virtual bookkeeping partner to separate where and how you spent your money at the end of the year and you have to because it impacts what is or isn't tax-deductible.

Instead, your best bet is to open separate accounts. In doing so, you and your company will be better able to:

• Keep accurate books.

• Manage cash flow.

• Understand your performance.

• Accurately conduct budgeting and forecasting.

• Qualify for business loans or investor funding.

2. Use bookkeeping software.

Bookkeeping is tedious, from organizing invoices and receipts to managing reporting. But it doesn't have to be a headache with the right technology by your side. Ditch manual, paper-heavy processes in favor of bookkeeping software. One of our favorites is QuickBooks, an oldie but a goody.

QuickBooks provides numerous benefits for small- to medium-sized businesses. Use the platform to generate various financial reports and to:

• Centralize all records, including income, expenses, payroll, and invoices.

• Reduce paper files and physical storage.

• Ensure a higher level of accuracy compared to manual methods that are subject to human error.

• Conduct virtual bookkeeping in a cloud-based environment that is accessible from anywhere.

3. Hire virtual bookkeeping services.

Could you be better off hiring a professional team to handle your books, though? This could be the ticket! Software and better organization help, but they're no match for expert bookkeeping knowledge. Virtual bookkeeping services are built to help small- to medium-sized businesses get their houses in order quickly and affordably. 

Virtual bookkeeping can get you organized so your business can thrive financially, especially when it's not practical to bring on in-house talent. At Ignite Spot, we use trusted tools and tactics to:

• Check reports for accuracy.

• Create income statements.

• Create transaction databases.

• Manage accounts payable and receivable.

• Process payroll according to federal, state, and local requirements.

• Produce balance sheets.

• Report data management irregularities.

• And more!

Focus on what matters most—your business—and alleviate the time and stress of managing the books by hiring a pro. 

Organize your bookkeeping with Ignite Spot.

Are you struggling to keep up with the flurry of financial information rolling into and out of your business every day? By separating business and personal finances and using the right software tools, you can right the ship. 

Ignite Spot's virtual bookkeeping services will get you organized, whether your books are in total disarray or just need some TLC. Download our e-book, Should I Outsource My Accounting Services [With Checklist], to get more details on how and when a pro team is the best fit, and reach out to discuss your needs.