4 Tips for Reluctant Small Business Owners to do their Bookkeeping
Last updated: June 29,2015
Are you one of many small business owners where the "thought" of having to do your bookkeeping makes mowing the lawn or seeing your dentist more appealing?
You are not alone. Many entrepreneurs and small business owners cringe at the thought of having to do bookkeeping.
It's your job to know where your money is going and if it's being managed correctly. (click to tweet)
Here are some simple tips to master the accounting side of your business, even if you are NOT a maths person.
1. Find out how!
Bookkeeping seems like it is overwhelming, but what isn't when you are not confident? Many local schools, accountants and even bookkeepers hold free information nights or reasonably priced hands on training. Why not make the effort to take a short day course on bookkeeping basics? The confidence you will receive will be worth it!
2. Pick the right software for you!
Balancing the bank statements by hand is not necessary and to be blunt, just plain crazy in this technological world.
There are some sensational online options that are both simple and secure to use.
As a business owner these will save you time, reduce mistakes, and automatically back-up your data.
Myob LIve Accounts for example can be "linked" to your bank transactions automatically, email invoices out professionally, provides you with the flexiblity to use anywhere/anytime on any device. All for only $29.00 a month.
3. Be more organised
Good bookkeeping means keeping accurate records. (click to tweet)
Spend time looking at your existing work habits and company workflow.
You can keep a folder with you to slide in receipts. or if you have a smartphone, use the dropbox app to take a photo of your receipts and file them.
Alternatively, if you are more old school use a "in tray" or even an envelope on your desk to store invoices and receipts in one place.
Other ideas can be found for filing see my other blogs :
Filing ideas: http://www.myofficebooks.com/blog/filing-tips-tricks/
How to control your paper nightmare: http://www.myofficebooks.com/blog/how-to-control-your-paper-nightmare/
4. Lastly, Hire professional help.
They are too expansive....this is one excuse I hear all the time.
I can hear you thinking this loud and clear. You are wrong!
Technology allows bookkeeping to be more cost effective.
You can focus on a cheap compliance based service or a more personalised approach.
It will all depend on your budget and what you are looking for in a bookkeeper.
A good bookkeeper can set up a workable system for you to follow, efficently enter your data online and then give you basic training to do it all yourself.
Alternatively, you might be pleasantly surprised to find that their cost is not so expansive after all.
Particularly, when you compare this to your increased productivity, removing the stress of not knowing your financial position and lastly.
Having a "good" bookkkeeper makes sense and increases the company's chances of profitablity.
There are also added benefits not currently realised like:
- Spending more time with your family
- Enjoy more recreationational activities
- Peace of Mind
Let me finish with this quote: