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Bookkeeping in Winnipeg isn’t an easy feat. It involves the detailed recording of an organization’s financial transactions on a regular basis. Companies, whether big or small, often invest their valuable time in keeping track of all financial transactions instead of focusing on the big picture. This is where bookkeeping steps in. Bookkeeping lets you keep a tab on all information related to financial transactions on its books. You can then use the information to make sound financial decisions for your company.

 Whether it’s your new business set up in Winnipeg or an expansion of your existing business, bookkeeping is mandatory to manage all financial data for your company. It is through bookkeeping that you will be made aware of your company’s current financial position along with the transactions that happen within the company.

The pandemic has turned our lives upside down. Besides facilitating digitization, it also changed how bookkeeping works. Our team has compiled a list of the most effective bookkeeping practices that are quite trending in 2021. Follow these bookkeeping practices to make your business thrive in this cut-throat competitive world.

  1. Maintain separate business and personal finances

It is crucial for you to keep your business and personal finances in separate lines to keep the books clean. Enforce strict rules to limit the use of company finances for personal purposes. Inaccurate allocation of funds can lead to issues in the cash flow, thereby complicating auditing and tax filing processes.

Also, there are chances that you might land into legal trouble if you separate your personal and business funds. If you run a small business, you are most likely to control your finances on your own. In that case, you have to be extra careful with the finances. You can open different bank accounts and cards for the business to keep the finances separate. That way, you can also avoid tax-filling complications, thereby maintaining business expenses strictly for your business only.

  1. Plan your taxes in advance

Procrastination is nothing but bane for businesses. You may think you have enough time to pay your taxes until it’s the end of your financial year and you realize your mistake. According to our accountants in Winnipeg, it is better to prepare yourself for the tax season at least a year in advance. This will help you steer clear of unwanted situations and legal complications.

There is a specific time for everything, including your taxes and other expenses. So, if you exceed that time and intend to update deposits or expenses after the deadline has passed, it can make financial matters go amiss within the organization. According to accountants in Saskatoon, there are chances that you might forget to include all the expenses, thereby causing serious business tax trouble. From loans to revenue sources and profit statements, record anything and everything that goes within your organization. You can also seek assistance from a reliable accounting firm in Winnipeg to maintain your accounts during the tax season.

  1. Review your processes consistently

Bookkeeping practices shouldn’t be monitored only during the tax season. Make it a habit to monitor the practices regularly. The task is hectic but is certainly worth the hard work. You can ask the accounting department to review and verify the invoice before it is approved.

In fact, our team suggests you check every invoice individually before approving it. It’s okay if you don’t have a bookkeeping team. We have qualified and experienced bookkeepers at Border Bookkeeping. We will enforce consistent review and approval processes throughout the firm to ensure that everyone is on the same page.

  1. Identify your accounting method

There are two main types of bookkeeping methods that companies usually use. The methods are cash and accrual. The former registers the profits whenever cash exchanges incur in the form of payables and receivables. The latter, however, records profits and expenses irrespective of cash exchanges or transfers.

Cash accounting is often considered a preferable option for the effective handling of cash. Managing cash flow can be quite tricky initially, especially in small businesses. But, using a cash-based accounting technique can make things easier for you. Larger businesses usually use the accrual bookkeeping method.

  1. Leverage the latest technologies

The pandemic has catalyzed digitization all over the world and across a wide slew of industries, including taxation and accounting. So, why not use effective accounting software to streamline bookkeeping and accounting instead of doing the same thing manually? Dealing with accounting-related issues becomes way easier when you have reliable software at hand.

Struggling to get hold of proper accounting and bookkeeping software for your business? Have a word with our accounting firm in Winnipeg at Border Bookkeeping. We use the latest technologies to track your pending invoices and expedite payments as soon as possible. You can also generate profit-loss statements easily using the right software during tax season. Using excel sheets is one of the ways to keep a tab on financial data. However, using reliable technology can help you avoid silly errors.

  1. Focus on a phased methodology

Try to embrace a phased approach when to comes to maintaining your books. The phased methodology makes the initial stages of the process faster, thereby helping you get through all the stages efficiently. If you have in-house accountants at your organization, train them thoroughly. Provide them enough time to adjust to the phased methodology.

  1. Hire the right people

Bookkeeping is a big deal. If done right, it can save your company from losses and strengthen its financial position in the current market. However, even a trivial error can make things worse for your business. So, it is always recommended to hire the right accountants like the ones we have at Border Bookkeeping.

Whether you need help with new business registration in Winnipeg or tax filing in Winnipeg, Border Bookkeeping has got you covered. The bookkeeping practices discussed above aren’t that easy to implement. So, let us take care of the bookkeeping of your firm while you focus on your priorities.

Border Bookkeeping