Small businesses often find accounting a nightmare of their day-to-day tasks. But it shouldn’t be if you do proper planning to simplify the process. Being a small business owner, you have to wear several hats, but neglecting accounting will soon kick you out of business as “Cash is King. Keeping in mind the pain of small enterprises, Cogneesol is presenting SlideShare that provide some practical tips to streamline the accounting process for your small business efficiently

1. Simple Tips to Keep Your Small
Business Accounting on the
Right Track

2. Accounting is and always will be a significant function
for business owners worldwide, but it doesn’t have to
be a nightmare or a burden for small businesses. It
just takes a little determination and proper planning
to ensure that your small business accounting records
are up-to-date and accurate at all times.

3. 90%SMALLBUSINESS
ENTREPRENEURSFAILTO
MANAGETHEIR
ACCOUNTINGBOOKS
ACCURATELY.

4. Poor accounts payable & receivable collections
Unorganized accounting books
Improper set up of the chart of accounts
Lots of paperwork involved
Not filing of taxes on time
Not using an accounting software
Delay in the payroll process
WHY?

5. ORGANIZE FINANCIAL RECORDS EFFICIENTLY
Update your records regularly accurately in order to avoid
the further mess while preparing the financial statements of
your business.

6. UTILIZE CLOUD-BASED PLATFORMS
The cloud-based platforms can help your small business to
seamlessly manage your books and also gives access to the
team to analyze their financial data at anytime, anywhere.

7. KEEP TRACK OF YOUR INCOME AND EXPENSES
AT SAME TIME
It is really important to keep a track of your income and
expenses side by side. It helps to estimate your profit
percentage and prepare an effective budget plan.

8. SET UP A BOOKKEEPING SYSTEM
Bookkeeping system helps to determine the day-to-day
processes of the financial transactions being done. A proper
record in a general ledger makes a lot of positive difference
for the small business.

9. KEEP BUSINESS & PERSONAL ACCOUNTS SEPARATE
Keeping your business funds and personal finances separate can
save you from a lot of hassle while managing your money.
Using a personal account rather than a business account can
create confusion during tax season, leading to excessive time
being spent separating out your business transactions.

10. SCHEDULE PROFIT AND LOSS STATEMENTS
Most important part of small business accounting is to maintain
the profit and loss statements properly. Scheduling of these
statements provides a clear picture of the business financial ups
and downs and much more.

11. RECONCILE THE BOOKS DAILY
there are any differences between two sets of records for your
cash transactions. It will give you a perfect solution to overcome
the headache of reconciliation during your financial year-end
closing.
Daily reconciliation of business accounts is important to see if

12. If you are still confused and don’t know what to do next; then
hire experts to handle your
and stay focused on your clients rather than being involved in
solving complex accounting issues.
accounting and bookkeeping tasks

13. 1
REASONS WHY SMALL BUSINESS SHOULD
OUTSOURCE ACCOUNTING PROCESSES:
Improved work efficiency
Access to domain expertise
A cost-effective way
Enhanced business operations
Improved in-house productivity

14. Do you want to streamline your accounting
operations? Outsourcing Your Small Business
Accounting to Cogneesol is an ideal way to do so!

15. CONNECT WITH US
Address : 30 Wall Street, 8th Floor New York
Email id : info@cogneesol.com
Phone no : +1 646 688 2821
Website : www.cogneesol.com