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Building a Strong Financial Foundation: Stay on Top of Bookkeeping

KPMG Spark works with many business owners and executives to simplify their bookkeeping. Continue reading to learn how keeping up with your bookkeeping will help you build a solid financial foundation for your business.

Having success in your business depends on a solid financial foundation. You can have amazing products or services, a killer marketing strategy, and loyal customers, but if you don’t have a solid financial foundation to manage cash flow and support other business decisions, it can all come crumbling down.

KPMG Spark works with many business owners and executives to simplify their bookkeeping. Continue reading to learn how keeping up with your bookkeeping will help you build a solid financial foundation for your business.

It’s easy for busy business owners to fall behind on their bookkeeping.  Staying on top of invoicing, expense tracking and other tasks ensure you have real-time information about your business. Here are a few ways to make that happen:

Separate your business and personal finances

Many small business owners run business expenses through their personal bank accounts or vice versa. Commingling funds makes it tough to keep track of deductible expenses, and it can also put your personal assets at risk if you face business bankruptcy, lawsuits or other claims against the business. Set up a separate business checking account and ensure all business income and expenses go through that account.

Track and categorize expenses

Set aside time each week to review your bank transactions, ensure they’re properly categorized, and you have supporting documentation. Scanning and digitizing receipts helps ensure you don’t miss any valuable tax write-offs.

Consider outsourcing your bookkeeping

If handling your bookkeeping always takes a back seat to other business tasks, consider outsourcing your bookkeeping to KPMG Spark. With the support of automation technology, your income and expenses are quickly categorized, and your dedicated bookkeeper is available to answer questions. You can also login to KPMG Spark anytime to view real-time income statements and other reports. With KPMG Spark, you’ll spend less time managing your finances and have more time to focus on growing your business.

Accurate and up-to-date accounting for your small business isn’t just “nice to have.” It’s essential to knowing how much revenue you have coming in, how much money you have going out, identifying the areas of your business that have the greatest return on investment, ensuring you get every tax deduction and write-off you’re entitled to, and convincing potential investors and lenders that you’re a serious entrepreneur who understands the importance of carefully managing your business finances.

KPMG Spark's managed accounting solution

Bookkeeping is what we do best! If you don’t know where to start, you don’t have to handle it alone. Our managed accounting solution gets your bookkeeping done with help from your personalized bookkeeper from KPMG Spark. You simply connect all of your financial accounts and let our professionals reconcile your books. With our help, you can build a financial foundation that will meet your needs so you can focus on other key areas of your business. Give us a call at 1-855-777-7696 to talk and get started!

The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG LLP.

This blog article is not intended to address or provide advice concerning the specific circumstances of any particular individual or entity and does not constitute an endorsement of any entity or its products or services.

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.

KPMG SparkSeptember 29, 2021Posted In: Business Tips

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