Bookkeeping has no place in most business owners’ “My Favourite Things” list, and that’s understandable because most business owners and entrepreneurs are all about the business and doing what they like doing best, which means that all the figures just get in the way. However, whether you like it or not, as long as there is money involved in your business, you need simple bookkeeping and accounting. So as an entrepreneur who dreads watching the numbers and keeping track of the money, what are a few things you can do to keep track of your bookkeeping?
- Hire a Bookkeeper– It is indeed that simple- just hire a bookkeeper. Yes it is an additional expense, but you might find that the benefits outweigh the cost. You will no longer have to worry about your books; they will be up-to-date and accurate and you can spend the time to focus on more important business aspects. Most importantly, you will always be on top of your financials. Leave the simple bookkeeping to the professionals.
- Store Receipts– You need your receipts for accurate bookkeeping. Without the receipts the chances of you mixing up charges are higher, plus you will need the receipts in case of an IRS audit. Now piles of receipt is not what any business owner or bookkeeper wants, that is where simple bookkeeping software like QuickBooks can help. You can upload images of the receipts and store them for future reference, thereby saving physical space and meeting your bookkeeping needs.
- Keep Track of Your Invoices– Most business owners issue invoices and then forget about them, most likely because of existing number of unpaid invoices. A rule of simple bookkeeping is that you keep track of the invoices and payments that have been made. Follow up regularly on pending payments or you will end up with a cash flow problem.
If you run a business, big or small, you cannot do without bookkeeping. Bookkeeping keeps the blood pumping through your business, so make sure you give it your best shot.