Balancing the Books

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Get Your Business Finances In Order

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If you own an automotive shop and have recently been swamped with customers, resulting in you haphazardly handling accounts receivable and payable, it may be difficult for you to keep track of the amount of money profited each week or the money needed to satisfy recuring bills. Get your finances in order by following the tips below.

Reduce And Organize Paperwork

If you are someone who tends to hold onto every scrap of paper that you encounter and neglects to file documents or dispose of what isn't needed, you may feel overwhelmed with the mess you see whenever you go into your shop's office. If you have one or more days each week that your shop isn't open, it won't hurt to set aside a block of time to look through paperwork and toss out what you no longer need.

Expired documents and receipts for bills that have been satisfied are two things to look for when sorting through the paperwork. After you have thrown away unneeded papers, organize the remaining paperwork by placing papers inside of file folders before inserting the folders in a filing cabinet.

Use A Spreadsheet To Track Transactions

Purchase a computer program that is designed to help you keep track of expenses and that will allow you to create a personalized spreadsheet. After learning how to use the software, make a point of entering transactions on the sheet on a daily basis. For example, any payments that you receive or money that is owed to your staff members or vendors should be recorded on the spreadsheet.

Include the date of each transaction that is entered to assist with keeping the spreadsheet organized. If a question arises about a particular transaction, the spreadsheet will make it possible for you to research information without needing to look for a specific paper.

HIre An Accountant

Hiring an accountant will eliminate worries associated with budgeting money incorrectly or assuming that you are earning more money than you really are. An accountant can help sort through current bills and may provide you with money saving tactics.

An accountant can also oversee your payroll department and ensure that employees are being paid the correct amount and that deductions from each paycheck are handled properly. If you dread filing your federal and state taxes each year, an accountant can relieve you from this duty and will help prepare your taxes with precision. 

For more information about payroll services, contact a company like Watson & Company Inc.