Bookkeeping is not a burdensome task, it’s necessary. Some small businesses may leave this task for the end of the list but don’t put your bookkeeping off. It’s more beneficial to face the elephant in the room and tackle it. Here are some tips to save you time and money.
Get true bookkeeping software that can grow with your company.
We all go into business, not to be mediocre – We should be the best at what we do and as business begins to grow you need to have your software and processes in place.
Quickbooks Online is a great product that will serve you and your business. It is most recognized by accountants, user friendly, and budget friendly.
Invest in document management software from the beginning.
If you have more than 10 receipts a month, it is a good idea to have a process for scanning, filing your receipts. Whether you use free document storage like Dropbox, Box, or Google Drive.
Hubdoc is our recommended tool for document management. It connects with may popular devices and vendors so that your documents are truly in one multi-functional hub.
Separate your personal and business accounts.
Many entrepreneurs don’t see this as an issue until they begin to make a certain level of revenue. Bookkeeping is all about the state of your business. If you mix personal and business, you will not get an accurate picture and that can slow your growth or cause you to miss prime opportunities in your business.
When in doubt – Automate
It may sound like something you wish you had time to do but it is as important as all the other tips combined. The most important asset you have is time. So the faster you put processes in place, the faster you can tackle the really important tasks in your business. What is your time worth?
If you don’t have the time or the inclination, look to a local bookkeeper and virtual assistant to help. Don’t put off getting your bookkeeping and documents in order.