Many of the operations are automated in the software, making it easy to get accurate debits and credits entered. A OneUp feature that sets it apart from the competition is the option to enter transactions manually or connect to a bank for automatic transaction posting. Great for smaller businesses, OneUp includes a financial dashboard that provides you with a good view of business profit and cash flow. OneUp is an affordable, easy to use accounting software application well suited for sole proprietors, freelancers, and small business owners.

It’s not only enough to make sure your clients’ spaces are squeaky clean but also that your financial books are just as spotless. With multiple revenue streams and expenses to manage, it is more so important that cleaning businesses take extra care in maintaining their books. Bookkeeping is vital in ensuring that your cleaning business remains financially healthy and compliant with tax regulations. Many popular accounting software programs, including FreshBooks, feature built-in mileage tracking in the mobile app.

Bookkeeping for Your Small Business

An accountant will help you make sense of the numbers, reconcile your accounts, prepare financial reports, estimate your quarterly tax payments, and more. The good news is you don’t have to be an accountant in order to manage your cleaning business finances like a pro. Although it might seem as if choosing a software program would be a simple process, there are some important factors for business owners to consider before locking themselves into a contract. The last thing business owners want is to convert all their processes to a program that doesn’t fit their needs and potentially one that they don’t even like. Accounting is a critical component of running a successful cleaning business.

The income statement is a holistic report that shows revenue and expenses over a set period of time. It can be produced for one period to gain insight into the month’s profitability, or produced for the year to period. And sometimes it can be produced to include comparisons against the prior year’s same period or the prior year’s year-to-period data. Bookkeeping is how businesses, entrepreneurs, and decision-makers monitor a company’s overall financial health and activity. Without basic bookkeeping practices, it’s easy for financial transactions and spending activities to get out of control, which can lead to confusion, disorganization, and loss of profit. Integration becomes even more important when it comes to receiving payments.

Inventory Management

Because this is misunderstood, many sales tax filings are done incorrectly – if done at all. In the past, CSI has had to perform back work to fix sales tax because it was charged at the rate of where the business was located. When you first started your cleaning business, you may have made your personal and business purchases together and organized them the best you could later.

Set your business up for success with our free small business tax calculator. Outsourcing your bookkeeping is another option, and this guide on how to find the best virtual bookkeeping service can help you get the process started. If you’re using a CPA, ask them to share how they have been categorizing your transactions for tax purposes. Once a month, go through everything in this folder and scan it to save a digital copy. While you’re scanning everything, try to identify if you can opt-out of receiving these paper documents in the future.

Maid Service Expert: Roman Peysakhovich Founder of Maid Masters and OneDesk

In many cases, business accounting software can offer more advanced capabilities than simple invoice processing. These platforms often have additional accounting and bookkeeping features to help business owners make the most of their cash and resources. Some platforms may also include account management software to help cleaning businesses stay on top of their customer relationships and keep clients happy. Managing your cleaning business finances can be a challenge, but by following these bookkeeping tips, you can streamline your processes and ensure that your business is running smoothly. By implementing these tips, you can stay on top of your finances and focus on growing your cleaning business. Xero also features bank reconciliation services with every subscription, allowing users to automate these processes or manually import bank statements as needed.

• With this method, bookkeepers record transactions under expense or income.
• Choosing an accounting platform can seem daunting for small-business owners given the financial ramifications of this decision.
• Using the right bookkeeping tools can also make you feel more confident in your business because it leaves less room for you to second guess whether or not you’re doing it right.
• And sometimes it can be produced to include comparisons against the prior year’s same period or the prior year’s year-to-period data.
• Offering three plans, you can easily scale up to the next plan as your business grows.
• In many instances, an accountant prepares the initial chart, and the bookkeeper references it while recording transactions.

However, as your business becomes more profitable and experiences growth, having a clear separation of personal versus business funds is crucial for tax purposes. If you don’t already have separate bank accounts and credit cards for your business, establish both immediately. That way, you won’t be in a pickle come tax time – determining what you can or can’t deduct. Without bookkeeping, accountants bookkeeping for cleaning business would be unable to successfully provide business owners with the insight they need to make informed financial decisions. Bookkeeping is just one facet of doing business and keeping accurate financial records. With well-managed bookkeeping, your business can closely monitor its financial capabilities and journey toward heightened profits, breakthrough growth, and deserved success.