Leading CPA & Accountant Pauline Ho Shares Small Business Accounting Time Saving Tips For 2022 - Orlando, FL

Top business accountant Pauline Ho founder of Orlando’s Laus Consulting Services LLC in Orlando, FL reveals the accounting tips that could prevent a business owner facing a lot of financial pain across 2022. For more information please visit https://lausconsult.com

Senior Corporate Accountant Pauline Ho has revealed several accounting tips that could prevent a business owner facing a lot of financial pain across 2022.

For more information please visit https://lausconsult.com

Ho, of Laus Consulting Services LLC, in Orlando, FL., said that staying ahead of the accounting curve every step of the way throughout 52 weeks of the year was vital to get to grips with a business's performance and cost base.

One of her priorities is to open a business bank account so that all business-related finances are ploughed into that account and are not mixed up with personal expenses.

"It can become a nightmare to understand what has been spent on the business and in your personal life. If they overlap, you could be sitting there for hours trying to straighten out your finances, when you could be better utilizing your time in the business," she said.

Ho suggested that hiring an accountant and bookkeeper makes commercial and financial sense. They would be able to handle the accountants, monitor outgoings and even suggest where a business owner could make further savings.

"They should be considered as an extension of the business rather than just there for tax time. They can also offer advice and answer any questions you may want to address over cash flow issues."

A business owner will have to decide whether to report income and expenses as cash-based or accrual accounting. The latter relates to a company reporting income when the revenue earned and expenses are recorded when incurred.

Alternatively, cash-based accounting enables business owners to report revenue when cash is received and then report expenses when paid. This type of accounting is usually adopted by smaller businesses providing a service rather than a product.

Ho also suggested business owners pay themselves a regular wage to enforce business and personal accounts are kept separately.

"Another priority tip that I give to my clients is to invest in decent bookkeeping software as it will cut down the number of hours you would otherwise commit to the accounts by doing it manually and drowning in paperwork," she confided.

Finally, a business owner must apply discipline to the budget throughout the year. If you can, save some money just in case of 'rainy day' emergencies for the business – or when trade performance is low.

Ho said: "There are many factors to consider when starting up and maintaining a business, and the overriding advice is to seek guidance from an experienced accountant to keep you on the financial straight and narrow."

source: http://RecommendedExperts.biz

Contact Info:
Name: Pauline Ho
Email: Send Email
Organization: Laus Consulting Services LLC
Address: 879 Outer Rd B, Orlando, FL 32814
Phone: 407-401-9768
Website: https://lausconsult.com

Source URL: http://RecommendedExperts.biz

Release ID: 89064288