Unless you’re an accountant, the word “accounting” probably strikes fear in your heart — or a little bit of nervousness, at least. For young entrepreneurs, the feeling is probably amplified. After all, poor bookkeeping out of the gate will not only can set a project back in the short term but it can really come back to bite you over the long haul. Even young entrepreneurs get audited, you know.


Here are a four accounting tips to start your business:


Start off on the right foot. In the same way that you go through your email every morning, or in the same way that you do an inventory review each week, make your business accounting a habit. Set a recurring alarm on your calendar: “Review books!” The frequency is up to you.


Learn the lingo. The cumbersome terminology of accounting is sometimes the biggest hurdle. Chart of accounts? General ledger? Cash vs Accrual Basics? Accounting lingo isn’t natural — and ignoring what’s what won’t help you. So take some time to understand the basics.


Find software that fits you. Find the accounting software that’s right for you. Don’t simply opt for what your friends use. If you’re always at a desk, a desktop solution, like QuickBooks or Sage might make sense. If you’re like most entrepreneurs and on the go 24/7, something mobile like Wave or One Up may make more practical. If you’re running your business from your iPad, go with a cloud-based accounting software package like Easy Books or Kashoo, which both offer iPad apps.


Value good advice. Hire an accountant who can take away the hassle of bookkeeping and properly record your business’s expenses. It does not mean that you do familiarize yourself with your accounts but it means you have time to focus on your business while still ensuring your books are up to date.  For a FREE 15 mins CONSULTATION on Fridays from 1pm to 3 pm.  Book here!


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“A wealthy person is simply someone who has learned how to make money when they’re not working.” – Robert Kiyosaki