Alfa One Corporation
Accounting tips for new entrepreneurs of small businesses
Are you planning to start the business of your dreams? Alfa One Corporation Accounting Solutions can make it happen.
If you have personal savings, you can use it to finance your needs to get started, which may include computers, brainstorming sessions, and the user experience designer.
However, some individuals achieve a lot of things for their small business, but fails at one thing: accounting, simply because they only put their receipts on one of their desk drawers every day or two to keep track of all their expenses.
When they opt to open a business bank account, they’ve been shuffling between different credit and debit cards to pay employees and sellers, and they had late fees and interest piling up. And thus, they’ll end up calling accounting majors for help.
If you can’t identify which receipts are personal or business-related, your financial history and profit-and-loss reports will be inaccurate. It’ll be a real struggle for you if you don’t have a proper accounting system set up for your small business. It’s also a poor habit to combine business and personal finances. You can easily consult Alfa One Corporation Accounting Solutions now in Tokyo, Japan for an even more expert advice. For now, here are few accounting tips for your small business:
Identify the costs
Create a summary of all the costs you’ll need to take into account as soon as you make an idea about your small business. Make sure that you remember the costs including the preparation of a business plan or renting an office space. This can help you determine your business expenses and stop you from mistaking personal expenses for business expenses in the future.
Quickly set up business accounts
As an entrepreneur, you should open a separate business checking and savings account when you start your business. This allows you to keep your small business accounts separate, simple and direct.
Use the right card
You don’t need a sharp memory for this one, and remember that there should be no excuses. It’ll be surely hard for you if you accidentally use your business credit or debit card for personal expenses. You can also put a mark on each card if you have trouble remembering which card to use, or open the cards at different banks.
Transfer your income to your personal account
Some small business owners make personal purchases on their business cards as their income. It’s sometimes easy to think that way, but it’s not the case. It’s wrong to make this a habit. Keep in mind that you should make the transfer for the amount you need from your business account to your personal account when you need to take an owner’s draw.
Be as paperless as possible
Putting the receipts on shoeboxes? This case is quite common in small business accounting. However, this era is coming to an end. Look around you, most data can be stored online, right? So this is not surprising. As a new entrepreneur, you should consider the benefits of running a paperless office. Alfa One Corporation Accounting Solutions can play an important role with this one since they’re great in handling most accounting concerns.
Choose electronic payments and online invoicing
Electronic payments and online invoicing should be an integral part of your small business accounting, especially here in Tokyo, Japan. Business owners can have the advantage of saving time and having less stress of not having to remember to pay the bills because of automatic debit. It’s such a good thing that bill payments were made easy today. You should better think twice and choose online invoicing and offer electronic payment because you don’t want to be one of those business owners who are still sending their clients paper invoices and waiting for a long time to get paid. If you want to make your books much simpler, you have to completely remove paper check writing.
Great advisors should be in your team
It’s totally fine if you have a lot of questions about your small business accounting. As a new entrepreneur, you can ask for the help of experts from Singapore, Malaysia, or Hong Kong such as the Alfa One Corporation Accounting Solutions. A positive change is expected if you have an access to a team of financial experts, especially when you’re starting a business. Establish a relationship with accounting professionals as soon as possible, and you’ll benefit not only with their advice but also with their networks over time. Don’t wait until tax time or a legal fiasco to happen.
For over two decades, the financial experts of Alfa One Corporation Accounting Solutions in Tokyo, Japan have provided a one-stop financial-services source in management of business practice, tax and financial planning, accounting, transition, investment counseling and retirement planning consultancy especially for the dental industry in Malaysia, Tokyo and Hong Kong. Since our company started its operations, dentists have relied on our knowhow, expertise, and experience to help them attain their business and personal objectives with excellent results. Our well-trained staff of Certified Public Accountants, Certified Financial Planners, accountants and bookkeepers are ready to provide dentists the assistance they require on a day-to-day arrangement. We aim to enhance all our clients' financial productivity as well as the quality of life.