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Posted on Nov 22, 2022 in Financial

Level up your business accounting – Some great ideas to follow

Accounting can be incredibly daunting, especially when it is not done correctly. Companies that do not follow adequate accounting practices can face various problems, from losing track of their expenses to failing to manage their cash flow. And, even if managing your finances is possible without the help of a regnskapsfører, we heartily recommend collaborating with a professional, as their experience and expertise in the field can help you go through the various stages of the accounting process and, eventually, overcome the stressful tax period.

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Separate business and personal expenses

The first and most important thing to do during your accounting journey is to get your personal and corporate expenses separated. You might not have the intention to mix them or use that business budget for personal purposes, but the truth is that this happens quite often among business leaders. And while it is perfectly fine as long as you manage to handle the situation, it would be much wiser to use a distinct bank account for your business purchases from the personal one. This way, you not only have your finances organized but you will also be able to document a potential contribution capital to your company out of your personal funds. If you do not know exactly how all this works, you can anytime look for regnskapstjenester Oslo for the best advice – and help.

Automate accounting by choosing the right software

The time of balance sheets and paper ledgers has passed, all the more so since there are so many automation alternatives. Accounting software is one of the most convenient and practical solutions, as it handles everything from billing and payroll to inventory management and bookkeeping. Plus, it is suitable for any business size, so whether you run a corporation or a startup, accounting tools will only benefit you. A considerable number of companies globally have already chosen this path, as it not only monitors expenditures and income but also categorizes them. Of course, this can successfully replace a bookkeeper, but if you want impeccable accounting, you would rather combine them.

Invest in an expert

For the best results, ensure you make accounting a priority and do everything in your power not to get in trouble. It is easy – and common – for amateurs to make mistakes, but remember that mistakes in accounting cost lots of money. That is why we recommend collaborating with an expert, even temporarily, during the tax period. A Tripletex regnskapsfører, for example, will keep your records up-to-date, as it has the expertise to understand loopholes, potential fees, or extra taxes you might have no idea existed.

Keep up with receivables

Being proactive is by far the best you can do for accurate accounting. It might be tempting to let your receivables pile up, but instead of doing this, consider keeping track of all of them. You do not want to end up in a situation where you cannot find the customer deposits; thus, you cannot explain the cash flow in your company. Also, customer deposits need to be reconciled sometimes, so ensure you do not wait until the last minute to do so.