Love Law Firm - March 2018

Isn’t it time you learned to love your lawyer?


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Business Advice: Balancing the Books



Bookkeeping is one the least glamorous parts of owning a business, but if not managed properly, it can lead to disaster. When people are starting a company, they often have vague ideas about how to track finances. The better grasp you have on your books, however, the more your business will benefit. Here are some tips to ensure your bookkeeping is efficient. As a business owner, the most obvious mistake you can make is to keep your financial information all in your head. You have enough details about your business to keep track of! Now, you don’t need Goldman Sachs-level financial software, but a permanent record is much easier to manage. Services like Quickbooks and Freshbooks are tailored to small businesses, and Wave Accounting offers free bookkeeping software. Another way to make bookkeeping easier is to eliminate the use of cash. Years ago, business owners had a much harder time monitoring spending and relied heavily on paper receipts. If you use a credit or debit card, your bank will likely provide you with a detailed online record of all transactions that can be easily transferred to your financial records. In the event you need to investigate spending, the history will be readily accessible.

bookkeeping is relatively simple, it builds up into a huge mess when you keep putting it off.” If you can develop smart systems for bookkeeping early on, you will have a strong foundation as your business grows and finances become more complicated. Branch recommends that you break all revenue streams and expenses into easily trackable categories to make finances digestible. Get more of his advice at Lackluster bookkeeping can also create unnecessary risk for businesses in the form of fraud and embezzlement. According to the Association of Certified Fraud Examiners, more than 30 percent of all fraud occurs in small companies. If you aren’t keeping track of invoices and expenditures, you are leaving openings for people to fudge the numbers. A thorough bookkeeping system makes it much easier for you to notice and address discrepancies, and regular financial analysis will safeguard your company from persistent fraud. Finding the optimal bookkeeping method for your business takes time and often requires changes during growth. The importance of strong bookkeeping, though, resonates with companies of all sizes and industries. Keeping your books in good shape will allow you to avoid uncertainty and bad decision- making. Managing your company’s finances isn’t the reason you got into business, but it will help you stay in business.

One common mistake businesses make that snowballs quickly is procrastination. Allen Branch, founder of LessAccounting, notes, “Even though


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