Accounting is tedious, time-consuming, yet a critical part of your growing business. Here are a few accounting tips that might help your business.

Increase your cash reserve 
Use the Customer Balances report in Zoho Books to see if there are any outstanding balances and send reminders to those customers who are yet to pay for your invoices. 

Write off bad debts
Unfortunately, not all of your clients are going to pay you. If this happens, you can write the invoices off as bad debt, if you think they are never going to pay you.

Get started with 1099s now (for US edition)

If you are using sub-contractors, you have to send them 1099 by 31st January 2017. Identify your 1099-MISC vendors, cull out the relevant details and use the services of an online 1099 filing service to send the forms across.

Export your Reports
Analyse your performance using the Balance Sheet, Cash Flow and Profit & Loss reports. You can create and export custom Reports and share them with your partners or accountants. Store all your exported reports in one place within Zoho Books under the Documents module.

Update your Invoice Number
Add the respective month/year to the transaction number of your Estimates/Sales Orders/Invoices/Purchase Orders/Bills. This will help you track your transactions better.

Terms & Conditions 
Certain terms & conditions might have been applicable only till the previous year. So it is always better to revisit and update them.

Reconcile bank statements
Reconciliation helps in identifying discrepancies or possible bank errors in your account. Making sure that all your invoices and bills in Zoho Books match with the transactions in your bank statement, helps to start your year with no such irregularities in your account.

Have a great year ahead :)

Regards,
Dinesh Anandh