5 tips for easy bookkeeping
Updated: May 19, 2020
It's not that bookkeeping is difficult ...
It's just that bookkeeping is so very time consuming.
Particularly when you're thinking about other more important things.
Customer conversations that need following up ...
Projects that need careful attention ...
Finding and winning new business to keep cash flow going ...
The list of 'more important things' is a long one.
So long in fact that record keeping and numbers are likely not front of your mind.
And not the job you want to face after a hard day at work.
So, here's 5 easy to apply bookkeeping tips that will help you get it done without it getting in the way.
1. As soon as you have a work-related receipt, take a picture of it.
Most online accounting software such as QuickBooks and Xero have a function that lets you take a picture and file receipts straight to your ledger. Job done.
2. Stay on top of your tax deadlines.
Filing late costs you money. And it needn't. Simply add recurring dates into your phone so you know what's coming up when. Alternatively, use accounting software such as QuickBooks to customise your Payroll Center to keep track of tax due dates.
3. Keep your personal money separate from your business.
This is essential for keeping records clutter free and makes reconciliation a breeze. In our experience, half the battle is in the confusion that reigns when personal expenditure gets mixed up with business. So, save yourself the headache, and the cost, and keep things separate.
4. Keep an eye on things.
If you apply these few tips, life will become much easier for you. But this doesn't mean you can completely take your eye off the ball.
Every now and again, have a quick through your books. Not only will this help you familiarise yourself with the software, but you may also spot irregularities that need investigating. On the flip side, it may also help you spot good trends worth repeating.
5. If in doubt, source it out.
This I would advocate only if things were getting on top of you.
If the thought of setting up bookkeeping software makes your blood run cold ...
If your books have turned into a confused mess that requires more time to unravel than you could hope to invest ...
And if you think there are things you're just not able to take advantage of because you don't know the shortcuts ...
Look for a bookkeeper.
And I'm not talking about your accountant, unless of course money is a vapid concept, which I'm sure it's not.
There you have it, 5 quick and easy tips that should see your bookkeeping right.
Of course, Business Buddies is here to help you so you can focus on runing the most successful business you can, with complete trust in your books and finances.
It’s part of our job to make sure you have the freedom to go after the shiny new opportunities, whilst at the same time knowing the fundamentals are still covered.
So, if you feel you could use some support on that front, I’d be more than happy to talk to you about our approach.
To start talking, just hit reply (or email me at firstname.lastname@example.org and say hello and we can take it from there.