January 16, 2023

Bookkeeping 101 for Non-Finance Founders

Bookkeeping 101 for Non-Finance Founders

The financial part of running a business can be hard and time-consuming, especially for entrepreneurs and small business owners without a financial background.

Here’s how to manage your company’s accounting.

What books will tell you ?

Cash : Do we have enough cash to run

Costs : How are my costs - cost of goods sold and operating expenses.

Growth : How is revenue and margin growing over period.

Trends : Are we on track to hit our business goals and is anything unexpected.

Practice good financial hygiene :

  1. Choose a good business bank and credit card for banking - Have good reporting and low transaction limit, higher credit card limit.
  2. Don’t commingle business and personal expenses, set a budget/capital if you are using personal fund.
  3. Use professional systems like quickbooks or xero or POS for accounting, organising your payroll, bills, invoicing and tax accounting in one place and get organised.
  4. Start bookkeeping early - accurate financial data helps you to make better decisions, will be less painful when you scale.
  5. Have accrual basis books - Important for auditing and investors, represent true picture of business.
  6. Setup good invoicing - Aged receivables tracking, decide payment terms and helps accurate bookkeeping.

Companies with good financial hygiene :

  1. Spend less time on bookkeeping - use automated systems
  2. Avoid legal and compliance issues
  3. Avail tax credits
  4. Make realistic projections based on accurate numbers
  5. Impress investors with financial maturity

Book a 30 minutes free consultation with our bookkeeping experts.

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Bader Al Kazemi
Founder, Optimize App
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