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In a recent interview, leading CPA Pauline Ho, head accountant at Laus Consulting in Orlando, FL, shared tips on how to simplify small business accounting.
For more information please visit https://lausconsult.com/
When asked to comment, Ho emphasized, “Good accounting practices are essential for any business, regardless of its size. Implementing effective practices ensures smooth day-to-day operations and helps avoid common accounting pitfalls.”
One crucial tip, according to Ho, is to stay current with invoices.
“Small businesses should ensure they send out accurate invoices regularly. Invoices are the backbone of your small business as they inform clients about payments. Simply put, clients won’t pay unless they receive an invoice,” she said.
"An error on an invoice can cause any small business a headache down the line, so take the time to ensure that invoices are as mistake-free as possible."
Ho also noted that invoices are vital for tracking work performed by the company, ultimately making bookkeeping easier.
Another way to simplify small business accounting is by thoroughly tracking payments.
When asked to elaborate, Ho explained, “When handling large transactions or reimbursing employees, it’s crucial to closely monitor cash flow. You need a clear view of how much money is coming in versus going out."
Ho added, “Insufficient cash flow to cover these payments can cause major disruptions and unnecessary stress for your business.”
Staying on top of taxes is also essential for minimizing accounting issues.
“When businesses fail to deduct taxes at the time of sale or during payroll, it opens the door to potential errors when tax season arrives. You risk either miscalculating what you owe or making mistakes on your taxes—both of which can lead to hefty fines and negatively impact cash flow.”
One of the best ways to implement sound business practices, Ho said, is through online accounting services.
“Moving your accounting system online not only saves time and energy that you can use to grow your business but also provides access to the expertise of a seasoned accounting team. Additionally, online accounting allows you to choose the number of services you need based on your business’s growth stage,” Ho said.
Ho was quick to add, “Good accounting practices can significantly benefit a business. They will support your growing business now and in the future as you plan to scale up operations and increase profit margins.”
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
Release ID: 89142182
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