Starting a small business is an exciting venture, but keeping track of income, expenses, taxes, and payroll is critical to your business’s success. Where do you even begin?
We have offered small business accounting services for over 20 years. Whether you’re just starting or looking to improve your accounts management, this guide will give you the essentials to get your accounting on the right track.
- Set Up a Business Bank Account. Keeping your business accounts separate from your personal accounts is crucial. A dedicated business bank account simplifies tracking expenses, reconciling accounts, and preparing taxes. Consider opening a business credit card for larger purchases and to start building your business credit score.
- Track Income and Expenses. You can’t manage what you don’t measure. Keep detailed records of all income and expenses, including invoices, receipts, and bills. Use accounting software like QuickBooks to organize your account data and make tracking easier. Categorize your expenses (e.g., rent, supplies, utilities) to identify where your money is going and find areas to save.
- Understand Payroll Basics. If you have employees, payroll is a key part of your small business accounting process. This includes tracking employee hours, calculating wages, and withholding taxes. To save time and reduce errors, consider outsourcing your payroll to experts like Midlands Accounting Services, LLC.
- Learn About Taxes. Small business taxes include income tax, self-employment tax, and payroll tax, among others. Staying on top of deadlines and filing requirements is crucial to avoid penalties. Work with a payroll and accounting service to handle tax calculations, filings, and compliance. We stay up to date on tax laws, so you don’t have to.
Getting your accounting in order doesn’t have to be overwhelming. At Midlands Accounting Services, LLC, we specialize in helping small businesses manage their accounts with confidence. From payroll processing to tax compliance, we offer comprehensive services to support your success.
Contact us today to set up a consultation and let us help you navigate the world of small business accounting!