Accounting Tips That Can Benefit Small Businesses

Julie Starr • September 9, 2022



One thing that no small business can afford to overlook is its accounting practices. If you make the mistake of not putting enough thought and planning into your accounting methods, you’ll probably end up paying the price for that later. Financial mismanagement is one of the major reasons many new businesses fail.

So if you want to make sure that you don’t end up in that position going forward, it’s in your best interests to start learning as much as you can about good accounting practices today. That way, you can implement those ideas and provide the solid financial foundations your small business really needs.

Ensure Your Personal and Business Finances Are Kept Separate

First of all, you need to do the sensible thing and make sure that your business and personal finances are kept completely separate from one another. It might not sound like a big deal, but it really can be. If your business were to fail, you don’t want your personal finances to take a hit as a result, but that’s exactly what will happen if you tie the business’s finances to your personal finances. It’s one of the biggest mistakes new entrepreneurs make.

Understand Tax Obligations and Budget Accordingly

It’s important to understand the tax obligations your business has and to prepare for them too. When you fail to understand your business’s tax obligations, you run the very real risk of landing the business in hot water with the authorities for no good reason. When you don’t know how much tax you owe and you don’t budget with that in mind, you might struggle to pay when the tax man comes knocking on your door. So don’t take that risk.

Keep Hold of Your Receipts

When you’re doing the accounts and making sure that your taxes are not being overpaid, it’s a lot easier when you have all of the necessary receipts at your disposal. So it’s important to make sure that you’re keeping hold of all of those receipts and storing them somewhere in a careful and managed way. That way, you can make sure that you don’t end up stressing out and messing things up later on, as often happens.

Ensure Records Are Accurate

Your records need to be completely accurate and there’s no excuse for them not being. If you’re making mistakes constantly, all of those little accounting errors will add up to something quite significant, and that’s when your business can find itself in real trouble. That’s clearly not what you want to happen. So definitely think about how you can keep things fully accurate at all times across the business and its accounting practices.

Accounts Receivable Financing is an Option

If you want to borrow money for the business in order to fund its future growth, you might want to think about using accounts receivable financing . This is when you take out money against the invoices that haven’t yet been paid by clients. That money is owed to you, so borrowing against it shouldn’t be a problem. It’s a technique that’s used by many businesses, and as long as you understand how it functions, it could be beneficial for you.

Make Use of Bookkeeping Software

If you’re not already, you should certainly think about starting to use bookkeeping software to keep things organized and structured. Good bookkeeping software helps you to structure everything clearly and concisely, and it makes your life a lot easier than it might otherwise be. Good software options are easy to come by nowadays, so you can try a few of them out and see which of them works best for you. 

Be Prepared for Major Expenses

It’s always a good idea to have some money set aside in an emergency fund because you never know when you might have to deal with major expenses. Some issues can come your way at any moment, and you might have to spend a lot of money to get things back on track. You don’t want to go into debt every time an unexpected expense comes your way, so creating some kind of buffer is definitely important for the business.

So if you think that now is a good time to make changes to the way in which your business manages its money and takes care of its accounting obligations, be sure to make the most of each of the tips and ideas shared above. Your business will benefit greatly.

Leveraging Social Media for Effective Sustainability Stakeholder Engagement

By Julie Starr • March 10, 2025
​In today's rapidly evolving political and environmental landscape , transparent communication has become a cornerstone of effective sustainability efforts. At Taiga Company, we recognize that fostering open dialogues with stakeholders is not just a corporate responsibility but a strategic imperative. Social media platforms have emerged as powerful tools in this endeavor, enabling real-time engagement, education, and collaboration.​ The Imperative of Transparency in Sustainability Transparency in sustainability reporting involves openly sharing information about a company's environmental, social, and governance (ESG) practices. This openness builds trust with stakeholders—customers, employees, investors, and the broader community—by demonstrating accountability and commitment to sustainable practices. According to the Global Reporting Initiative , credible disclosures based on transparent communication can change perceptions, build trust, and motivate action towards greater sustainability. ​ Moreover, transparent communication allows stakeholders to make informed decisions and fosters a culture of continuous improvement within organizations. It also mitigates risks associated with misinformation and greenwashing, where companies may be accused of falsely portraying their products or policies as environmentally friendly. As noted in discussions on green public relations , transparency is crucial in combating the climate crisis, as it prevents companies from remaining impervious to advocacy and resistant to change if obligations are purely voluntary. ​ Leveraging Social Media for Stakeholder Engagement Social media platforms offer unprecedented opportunities for companies to engage with stakeholders on sustainability issues. Here's how businesses can effectively utilize these platforms:​ Real-Time Communication: Social media enables immediate dissemination of information regarding sustainability initiatives, progress, and challenges. This real-time communication keeps stakeholders informed and engaged, fostering a sense of inclusion and partnership.​ Educational Content : By sharing educational materials—such as articles, infographics , and videos—companies can raise awareness about sustainability topics, influencing public perception and encouraging responsible behavior.​ Interactive Engagement : Platforms like LinkedIn, and Instagram allow for two-way communication, where stakeholders can ask questions, provide feedback, and participate in discussions. This interactivity enhances transparency and shows that the company values stakeholder input.​ Storytelling : Sharing stories about sustainability efforts, employee initiatives, and community partnerships humanizes the company's brand and makes sustainability goals more relatable and compelling.​ Collaborative Campaigns : Social media facilitates collaboration with other organizations, influencers, and the community to amplify sustainability messages and drive collective action.​ Transparent communication through social media is not merely a trend but a vital component of modern sustainability strategies. It empowers stakeholders, enhances corporate reputation, and contributes to the global effort towards a more sustainable future.

Amplifying Climate Action: The Critical Role of Communications in Advancing Davos 2025 Initiatives

By Julie Starr • March 3, 2025
At the World Economic Forum's Annual Meeting 2025 in Davos, leaders from around the globe convened to address pressing environmental challenges. The discussions underscored the urgency of climate action and highlighted innovative solutions to safeguard our planet. Effective communication plays a pivotal role in amplifying these efforts, ensuring that critical initiatives gain traction, engagement, and long-term support. Here are three key takeaways from Davos 2025 and the vital role of communications in advancing these initiatives: Launch of the Kivu-Kinshasa Green Corridor A landmark announcement was the creation of the Kivu-Kinshasa Green Corridor , aiming to restore and protect 540,000 km² of land across the Congo basin. This initiative not only seeks to conserve biodiversity but also to foster sustainable economic growth for local communities. The Role of Communications: Strategic storytelling can elevate awareness of the Green Corridor’s impact, ensuring that global audiences understand its significance. Media engagement and public relations efforts can generate widespread support from governments, NGOs, and investors. Thought leadership initiatives can position conservation experts as authorities, driving further collaboration and funding. Integration of Indigenous Knowledge in Climate Solutions Davos 2025 emphasized the importance of blending cutting-edge climate science with the wisdom of indigenous communities. This approach ensures that solutions are contextually relevant and culturally sensitive. The Role of Communications: Effective stakeholder engagement ensures that indigenous voices are heard and respected in global decision-making forums. Social media and digital storytelling can amplify the invaluable contributions of indigenous communities, fostering greater appreciation and inclusion in policy frameworks. Clear, accessible messaging can bridge gaps between scientific research, policymaking, and indigenous traditions, leading to more holistic climate solutions. Recognition of Groundbreaking Environmental Initiatives The inaugural Giving to Amplify Earth Action (GAEA) Awards at Davos honored five innovative projects advancing systemic transformations for people and the planet. The Role of Communications: Public relations efforts can shine a spotlight on award-winning initiatives, securing media coverage that attracts further investment and collaboration. Brand positioning and digital outreach can help environmental organizations establish credibility and thought leadership in sustainability. Social media engagement can rally communities around these initiatives, ensuring continued momentum and impact beyond Davos. In conclusion, the insights from Davos 2025 highlight a global commitment to environmental sustainability. Communications serve as a bridge between action and awareness, ensuring that transformative initiatives receive the recognition, resources, and engagement necessary to drive meaningful change. By strategically leveraging media, storytelling, and stakeholder engagement, we can amplify impact and accelerate progress toward a more sustainable future.
Share by: