Important Accounting Tasks You Need to Get Done at Your Business

by May 18, 2022

Get the ‘Secrets of a Six Figure Freelancer’ ebook today for $1

If you want to run a successful business, you absolutely need to keep up with your finances. Your financial abilities ultimately determine the success of every other aspect of your business. With that in mind, make sure to regularly complete the following accounting tasks to stay on top of your finances!

Track Expenses

Keeping track of the expenses of your business is not only essential for budgeting and tax purposes, but it also helps you to be a better business owner. The expenses you incur help you to be able to know how much you need to charge your customers to make a profit. Finding the balance between how much things cost and how much you sell them for is essential. Keeping track of expenses also helps you be more financially aware. If you keep track of what you spend every day on your business, you’ll be able to cut the less necessary expenses and prioritize important ones. You can make these changes as they happen, rather than waiting until your finances are suffering. Doing this as a daily task will also keep you organized and prepared come tax season.

Manage Payroll

Another essential accounting task you need to do regularly is to manage the payroll for your employees. It’s a legal requirement to pay your employees fairly for the work they do, and it also helps keep your employees motivated to know they’re working toward a reward. This is a task that you usually do every other week when you compile your employees’ hours to send out their paychecks. Using software for payroll management can reduce errors and speed up the process. This software automatically deducts the taxes from your employees’ paychecks to help you properly pay and keep track of taxes.

Prepare and Pay Taxes

This is one of the big accounting tasks that business owners need to do yearly. Preparing and paying taxes comes after you prepare your year-end financial statement. This document keeps track of expenses, profits, losses, and every financial change that has occurred throughout the year, and is the information you’ll use to prepare and file your taxes. The responsibility to complete all of this is on you, the business owner. However, the filing of the taxes can and often should be done by a tax professional, so that you can make sure no mistakes were made.

As a business owner, finances are one of the most important aspects of your business that you need to regularly monitor. Accounting tasks help you keep track of these finances, and keep your business in the black. Keep track of and complete these accounting tasks regularly to keep your business doing well.

Want to start your own business? Do it the right way with some expert advice!

Other Posts You Might Like

Three benefits of studying business

Studying business may sound intimidating, but the skills that you’ll develop along the way can be life-changing. A business course...
Read More

Three AI tools for freelancers, that’ll help you work smarter

AI is revolutionising the world of business. Industries of all different descriptions are capitalising on the latest advancements that are...
Read More

UI vs UX: Are They The Same Or Different, And What Is Their Impact On A Website? 

The phrases ‘User Interface’ (UI) and ‘User Experience’ (UX) are frequently used in tech-related settings. What does a UX or...
Read More

Get Your Creative Business on the Map

As a creative professional, obviously you want to get your work out there. Often, though, that’s easier said than done....
Read More

How to Write Compelling Email Copy that Converts

In 2022 alone, there were a total of 333.2 billion emails sent out and received globally. Sounds outrageously high? That...
Read More

Running A Business & Having a Life

Running a business brings many challenges, and so does running a household. While the two aren’t mutually exclusive, keeping all...
Read More

Legal Issues Every Freelancer Should Know About

You may not have the resources of a larger company to handle legal matters, but it's important to know the...
Read More

Why You Should Become a Freelance Writer

Writing is a skill that doesn’t come easy to everyone, but if it’s something you do well and enjoy then...
Read More

How to Get Out and Promote Your Brand

As a small business owner, it's important to get out and promote your brand. You can't just sit behind your...
Read More

The Benefits of Working as a Freelancer

Freelance work has become more popular, but for many people, it can still be an unfamiliar idea. While there are...
Read More

Hi, I’m Kate

Hey, I’m Kate! I’m a designer, digital nomad and founder of Six Figure Freelancers – I love to help talented tech pros start businesses.

Work with Me

Get The Book

AppSumo badge

Featured Post

Would You Like Help Finding Freelance Clients?

Learn more about the Six Figure Freelancers training programs, and learn how to take your freelance business to the next level.