5 Useful Accounting Hacks for Street Sweeping and Paving Contractors

If you are a small business owner, you likely spend most of your time out of the office, running the business. You may not have time or give much thought to your accounting practices.
According to Forbes, 60% of small businesses routinely struggle with cash flow. What does this mean for you? If you don’t take the time to put some routine accounting practices in place, you may have issues paying your employees, vendors, or even loans. Read on for five helpful accounting hacks that won’t take away valuable time from your business pursuits and will help you daily.

1. File Receipts Immediately

When you are running a business, every dollar must be accounted for at the end of the year. Don’t spend time tracking down receipts during tax season by digging through the company truck or trying to find that box of papers you know you put somewhere. With a smartphone camera, it is easy to keep a digital version of each receipt instantly. Snap a photograph and email it to yourself or your office manager immediately after you make a purchase. Photographs of receipts can be stored in a folder organized by month and year.

2. Categorize Expenses

You likely have routing expenses associated with your business. Save time by categorizing expenses at the beginning of each calendar year. Whether you do this in accounting software or merely in a spreadsheet, a little bit of planning goes a long way to save you time when it is tax season — or if you just want to know how much you have spent in a particular category.

3. Take Advantage of Technology

Use what you have at your disposal. Odds are, you have a smartphone as part of your business. Some apps and programs make keeping track of accounting very easy, provided you use them.
Another thing to consider when it comes to technology is to take advantage of cloud-based platforms. If you haven’t tried or thought about the cloud yet, you are behind at least 90% of companies out there. Cloud-based applications help to make businesses more productive by improving overall functionality. They also make things accessible from anywhere by anyone with cloud access. What’s more, the cloud is secure and updated in real-time, so you never miss out on important information.

4. Reconcile regularly

Good habits are essential to keep your business running smoothly. You should set a reminder to reconcile your books every week. If this task stresses you out, it is much easier to do weekly than to try to cram an entire year into one business task.

5. Pay a Professional

Yes, keeping close tabs on your business should be one of your highest priorities. However, when you spend the majority of your time out of the office running equipment, you may run out of time to do some of the most crucial accounting tasks. Make sure you communicate clearly with any professional you hire. If you are confused by the terms they use, ask questions! Remember, this is your business you are talking about.
Accountants offer a wide variety of pricing structures that won’t break the bank. Besides, an accountant will probably save you money in the end and free up time that you can spend managing your business or running your equipment.

Save Precious Time and Money by Applying These Tips Today

If you are a small business owner, it’s likely you aren’t an expert in accounting. It takes time, practice, and some knowledge to learn how to do it right. Learning small tips along the way can help you save valuable business time and money.

Some people are terrified when they hear the word accounting. But, if you take the time to get organized and put important steps in place on the front end, it will save you lots of frustration in the long run. Hopefully, one of these hacks will help you out before tax season rolls around again. Benefit from more helpful tips to grow your business by checking out the North American Sweeper Magazine today.

Sources
https://www.forbes.com/sites/billhardekopf/2019/02/06/why-small-businesses-are-struggling-with-cash-flow/?sh=7940d6301e0a
https://www.forbes.com/sites/forbestechcouncil/2020/10/14/five-reasons-more-businesses-are-choosing-cloud/?sh=48c5856e33d9

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