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.

Blockchain for Sustainability: Cutting Through the Hype with Strategic Communication

By Julie Starr • April 28, 2025
As blockchain continues to gain traction in sustainability circles—from tracking carbon credits to improving supply chain transparency—more organizations are exploring how these emerging tools might support their ESG goals. But with innovation comes complexity, and for many stakeholders, blockchain still feels like a black box. That’s where communication becomes essential. At Taiga Company, we work with clients to simplify complex sustainability narratives without oversimplifying the value. While blockchain can offer traceability and transparency, it’s not a silver bullet—and how you talk about these technologies matters just as much as how you use them. Poor communication can undermine credibility, especially in a landscape where stakeholders and regulators are increasingly alert to greenwashing . On the other hand, clear, honest messaging about blockchain-enabled sustainability efforts can build trust and differentiate your leadership. Our approach is grounded in materiality and alignment. We help organizations: Translate technical tools like blockchain into plain language that resonates with diverse audiences Connect new technologies to core sustainability strategy Craft credible narratives that evolve alongside innovation Blockchain may be new territory, but strategic communication remains the foundation. Whether you're piloting traceability tools or just starting to explore how blockchain fits your ESG roadmap, we help you tell the story with clarity and confidence. Let’s make innovation meaningful.

6 Things All Modern Businesses Need in 2025

By Julie Starr • April 22, 2025
If you’re starting your own business, then you know all too well that it’s equally an exciting and overwhelming time. There’s so much to think about, and you want to get it right from day one. But it doesn’t have to be as overwhelming as you might think. Let’s go through everything your new business needs to hit the ground running this year. A Clear Business Plan Before anything else, take the time to figure out your game plan. This doesn’t need to be a long, boring document that you’ll never look at again. Think of it as a simple guide that answers three key questions: Who are you selling to? What are you offering? And how are you going to get noticed? Once you’ve written that down, you can always tweak it as your business grows. From a communications standpoint, clarity on your audience and value proposition also sets the foundation for authentic brand storytelling—something Taiga Company helps clients refine at every stage. Responsible Financial Management Money is one of those things that can make or break a business. The good news is you don’t need a finance degree to get it right. Start with a simple budget. Know how much is coming in, what’s going out, and what you’re setting aside. Think about things like stock, marketing, bills and wages if you’re hiring. Keep it realistic and keep it updated. Doing this from day one will make life much easier later. Reliable Cloud Services In 2025, storing everything on your laptop isn’t really a safe bet. Files go missing, computers break, and you don’t want to lose important stuff. That’s where cloud services come in. They keep your files secure, backed up and easy to access from anywhere. Whether it’s documents, customer info or creative work, having it all saved online gives you peace of mind. And when you're building a business in a digital-first world, having secure, accessible assets also means your team can collaborate more efficiently across channels—essential for strong communications. Flexible Payment Options Most people don’t carry cash anymore, so if you’re only accepting it, you’re going to lose sales. Get yourself a card reader that takes all the usual stuff like debit cards, credit cards, contactless and Apple Pay. The easier you make it for someone to pay you, the more likely they are to buy. Simple as that. A Basic Website Even if you’re not selling online, you still need a website. It doesn’t have to be fancy. Just something that tells people who you are, what you do, and how they can contact you. Think of your site as your digital front door. If someone hears about your business, chances are they’ll look you up online. Make sure what they find actually helps them. A clear website is also one of the most powerful communication tools your business has. We work with clients to ensure their digital presence reflects their story, purpose, and value. A Way to Spread the Word You can’t rely on people just stumbling across your business. You’ve got to put yourself out there. Social media is a great start, but don’t stop there. Think email newsletters , posters in your local area or even just chatting about your work whenever it comes up naturally. The more you talk about your business, the more others will too. Starting a business in 2025 is a big move, but it doesn’t have to feel impossible. Get the basics in place, stay flexible and keep learning. With the right tools and the right message, you can build momentum and create connection. Taiga Company helps growing businesses translate operational essentials into brand trust and long-term impact.