Alexandra Keleti Offers Four Accounting Tips for Small Businesses

Alexandra Keleti

July 28, 2021

Alexandra Keleti Offers Four Accounting Tips for Small Businesses

Do you own or are you considering starting a small business? If so, you should check out Alexandra Keleti’s accounting and finance tips.

Running a small business is difficult work. While entrepreneurs get to be their own boss, many also spend long hours building and managing their business. All the while, small business owners must compete with other savvy businesses selling similar goods and services. Amid all this churn, managers and owners need to keep close track of accounting, must balance their books, and also need to prepare taxes. Easier said than done. Fortunately, accounting expert Alexandra Keleti, Kansas resident is going to ease the burden by offering some timely insights.

“Managing your books, filing taxes, and all the rest takes a lot of work,” Alexandra Keleti notes. “The first thing to understand is that cutting corners now may cause a lot of headaches later on. A proper approach to accounting typically saves time in the long run even if it eats up time now.”

First, it’s wise to separate your personal finances and business finances. Many entrepreneurs start their business and initially use personal banking accounts, credit cards, and the like while running operations. This might be okay in the early days of your business, but you should set up separate accounts as soon as possible.

“When you use the same bank accounts and credit cards for personal and business use, it gets really hard to untangle it all,” Alexandra Keleti points out. “What is a personal expense? What’s a business expense? When you have separate accounts and cards, it’s easier to figure that all out.”

It’s also vital to set up proper invoicing procedures and to get the right tools to make invoicing easy and traceable. Fortunately, many invoicing solutions have emerged in recent years for creating and sending invoices.

“Some businesses forget to bill clients because their invoicing is a mess, others have to rush to compile numbers as tax season rolls around,” Alexandra Keleti says. “Setting up an effective and easy to use invoicing solution can save you a lot of headaches, and if you bill clients more consistently, it could increase revenues as well.”

Alexandra Keleti Talks About Small Business Tax Deductions

Some companies have been making a lot of headlines in recent years for the low taxes they pay. Indeed, many major companies generating billions of dollars in revenues often seem to pay less in corporate taxes than small businesses. How can that be?

Large companies set up entire departments to deal with tax deductions and to devise legal strategies for reducing taxes. Often, the methods are complex and in some cases, businesses have to plan out spending and other activities several years into the future.

Small businesses can lower their taxes too with proper planning and strategies. Simply taking advantage of the deductions you’re entitled to could cut down on your tax bill.

“Many expenditures can be deducted from your taxes,” Alexandra Keleti says, “by paying close attention to tax laws and what you’re entitled to, you may be able to dramatically lower your tax bill.”