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WAYS TO GET YOUR LOGISTICS BUSINESS’S ACCOUNTING IN ORDER


MAINTAIN A SEPARATE BUSINESS BANK ACCOUNT:

Most first-time business owners make the mistake of using their own personal bank and credit card accounts for business requirements. They fail to realise that mixing up their accounts this can lead to complications later on. By maintaining separate business and personal accounts, you will be able to keep track of all deductible expenses and save hours of rework in the future.


KEEP A TRACK OF EXPENSES:

Track every business related expense, big and small. Categories all expenditures and track cash flows. Using a separate credit card for business expenses can make tracking easier while reducing the number of payment receipts to keep track of. However, if cash transactions are the only option, make sure to keep a record of every expense on an account software to save yourself hours of sifting through receipts at a later stage.


KEEP YOUR BOOK OF ACCOUNT UP-TODATE:

Bookkeeping is an important aspect of accounting and a way to maintain healthy business finances. Regularly go through and update your company’s books to avoid financial mishaps. Set aside some time every week for this purpose and make sure you stick to it no matter what.


TAKE INTO ACCOUNT ALL LABOUR COSTS:

Make sure to account for all labourer payments and cash given to daily wage workers. Most business owners tend to overlook this. Make it a point to note and keep track of every penny spent on the factory floor and paid in cash.


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S OURCE: https://blog.kredx.com/easy-ways-to-get-your-logistics-businesss-accountingin-order/

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Ways To Get Your Logistics Business’s Accounting In Order  

Every logistics business owner knows how hard it is to stay on top of your business finances. This lapse could cost your business dearly. He...

Ways To Get Your Logistics Business’s Accounting In Order  

Every logistics business owner knows how hard it is to stay on top of your business finances. This lapse could cost your business dearly. He...

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