3 Tips For Stellar Books
If you find the task of dealing with your financials and books to be the most daunting task of the day, you are not alone. This is a very common problem. You are a busy business owner, which means you don't have much time to devote to your books.
Whether you do your own books or you outsource your accounting, there are a few tips to help keep you organized so you and your accountant spend less time doing your books.
1. Keep your receipts organized in an envelope.
This is the big one. Most business owners I know have the same system of keeping track of their receipts: None. The shipping invoices are thrown away with the box, the gas receipt is somewhere in the car, and that online purchase you confirmed didn't email you an invoice. So now it is month end and you are digging in the glove box, diving in the dumpster and trying to remember your login information to round up those important receipts. My advice: keep an envelope or folder in the car and one on your desk for those receipts. It is simple, takes no extra time and saves everyone a lot of headache each month.
2. Keep good records of customers and vendors.
If you don't have a client information form, you will struggle to remember their details. Get a client form that you can keep in your records and give to your bookkeeper so when you need their address, phone number, credit terms and prior purchases, you don't have to make the embarrassing phone call to them to get the information. If you need a template of a customer information form, you can find a template here.
3. Make time for your finances.
It seems so easy to do, yet so many people procrastinate the task of dealing with their finances. To overcome any procrastination, schedule the time to take care of your finances each week and stick to the appointment. Fifteen minutes each week can make a large difference.
A little organization in small doses can mean big time and money savings in the long run.