As a small business owner, there is much more to keep track of than just the work itself, and for many, finance, bookkeeping and accounting can be areas associated with a certain amount of anxiety. Very few become entrepreneurs because they are passionate about financial administration, but the fact is that stable bookkeeping and accounting are crucial to giving the company a stable financial foundation to stand on. To help you keep track of your company's finances and avoid potential problems, we share five accounting tips that you as a small business owner can benefit from.

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What is the difference between accounting and bookkeeping?
Accounting and bookkeeping are often used as synonyms, but even though both relate to business finances, they differ. Bookkeeping is about systematically recording all business transactions. Accounting is a broader concept that includes bookkeeping, but also financial statements, tax returns and reporting. Depending on your type of company, there are different rules for bookkeeping and accounting that you need to adhere to. However, our tips are applicable regardless of how you run your business.
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Keep your finances separate
A first step is to separate your personal finances from the company's finances, which is especially important if you run your business as a sole proprietorship. By keeping your personal and business expenses separate, it becomes much easier to keep track of your finances and avoid confusion when bookkeeping. Therefore, open separate bank accounts for your business and use them for all your business transactions.
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Use a smart bookkeeping program
Today, there are a number of smart bookkeeping programs on the market that make life easier for entrepreneurs, and that don't cost a fortune. Many programs are also fully automated, where the program manages the ongoing bookkeeping automatically if you connect the company's bank account. Investing in a reliable bookkeeping program that can automate much of the daily administrative work is a smart move for all small business owners. It also makes it easier to track invoices, receipts and other important documents. In addition, it reduces the risk of human error, makes it easier to get an overview of the company's financial situation and facilitates when the annual accounts are to be prepared.
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Hire an accountant or bookkeeping consultant
For some companies, it simply doesn't work to do the bookkeeping themselves, but it is more profitable to hire an expert for it. So even if it means an extra cost, it may be worth hiring an accountant or bookkeeping consultant. They are experts in their fields and can help you ensure that your bookkeeping complies with applicable laws and regulations and provide valuable advice on how to best manage the company's finances. In the long run, it can therefore save you both time and money.
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Develop a budget and follow up
Preparing a budget is one of the easiest tools for planning and taking control of the company's finances. Estimate the company's expenses and income and continuously follow up on your budget. In this way, you can get a clearer overview of the finances, plan for investments and ensure that the business is going as you intended. A clear budget that is followed up on continuously also makes it easier if you need to make adjustments or suffer unexpected expenses, especially if you have budgeted to be able to handle these.
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Keep track of taxes
Being aware of which taxes and fees apply to your company is an easy way to turn a potential problem into a non-problem and make it easier for yourself before the tax return. Make sure to pay your taxes and fees on time and use calendar reminders for important dates. It may also be wise to set aside extra money each month to avoid liquidity problems if the tax becomes higher than you planned for.


By following these accounting tips, you can build a stable foundation for your company's finances and reduce the stress surrounding bookkeeping and accounting. A well-managed economy also gives you better conditions to be able to focus on developing and growing your business instead of focusing on administration.

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