3 Key Bookkeeping Essentials for Every Small Business Owner

Managing business finances is certainly an integral part of business growth and success. Proper growth, goal attainment, and quality service all hinge on how efficiently funds are managed. Even with the help of bookkeeping and accountancy professionals to maintain good financial health, small businesses still need some essential tools to keep their operations on track.

Accounting Software

Today, there are a lot of software programs to help small businesses maintain their records. Most businesses usually start with using Excel and other less expensive options like Nutcache, FreeAgents, and FreshBooks. If a business’ demands are more complicated, there are even robust systems such as Intuit, Mint, and AceMoney.

Proper Accounting Team

It is always essential to ensure that those who are responsible for managing finance records are trained and experienced. Having the right team helps in shaping an effective monetary process, as well as identifying potential problems before they grow. Businesses can enlist professional bookkeeping services to ensure a seamless management that leverages the existing resources and budget.

Process Development

For successful and efficient bookkeeping, a company must develop a reliable process that acts as a framework for different transactions. Luckily, most software programs offer pre-defined nominal codes for transaction classification. When determining the key processes, it is advisable to limit them to at least 15 essential expenses. This allows for a more straightforward and easy process management thus accurate tax treatment.

About Brenda J. McGivern, CPA

Brenda McGivern started her own certified public accounting and management consulting firm in October 2001. The full service CPA firm provides tax and accounting solutions to meet the needs of today's small business and individual. Brenda McGivern has become a trusted advisor and valuable resource her clients rely on for timely, accurate assistance when they need it. Before starting the firm, she worked as an accountant for three years at a local firm and prior to that five years at a large international CPA firm in Boston. She has performed the following tax services: federal, state and local tax planning, international tax planning, estate and succession planning, mergers and acquisitions, capital retention and IRS representation. She has also coordinated assurance engagements, such as financial statement audits, reviews and compilations from the planning phase through the reporting phase. She has prepared and reviewed regulatory filings for numerous regulatory agencies including the Security and Exchange Commission. Prior to these positions she was selected from over 2,000 candidates into an eight-person intensive financial management program at an international technology company. The program consisted of graduate level classroom study and two six-month rotational assignments in financial operations. She graduated cum laude from the University of Massachusetts at Amherst and holds a Bachelors Degree in Business Administration with a concentration in accounting. McGivern also holds a license in Massachusetts as a Certified Public Accountant and is a member of the American Society of Certified Public Accountants and the Massachusetts Society of Certified Public Accountants. She resides in Stoughton, Massachusetts with her husband Brian, and their sons Sean, Ryan and Conor and their dog, Davis.
This entry was posted in business help, Operational Accounting and tagged . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s