Bookkeeping may not be the most exciting of tasks. But, it’s an essential part of maintaining a business and staying in control of your finances. It can be incredibly intimidating and overwhelming to a new business owner and if done incorrectly, it can cause utter chaos. So being disorganized and forgetting all about it is not an option. Thankfully there are a couple of things you can do to make the process much easier. So if you’re a new business owner who is worried about bookkeeping, follow these tips and get yourself organized.
Get help with your finances. Book keeping is not something that comes naturally to many of us, especially if you aren’t very good at mathematics. It also requires your full attention which can be difficult to commit to when your staff and customers need your assistance. If you find it hard to find book keeping into your busy schedule or can’t seem to balance the books, you need some help. You could hire an accountant or bookkeeper to help you stay up to date and in control of your businesses finances. They can also help you to spot overspending trends and mistakes in payment that you might have been unaware of. Therefore potentially saving your company money.
Another way of getting help with your finances is by using specialized websites. Sites such as http://silversiphon.com offer simplified book keeping services that are easy to update, access, and maintain.
Always keep your receipts and invoices. Whenever you buy something that is business related such as office supplies, or even coffee, (depending if it was an actual work meeting) you should always keep the receipt or invoice. As a new business owner, you need to familiarize yourself with keeping receipts for everything and filing them safely away. You could be fined if you are investigated and unable to produce the correct documentation. So it’s vital that you always have your paperwork organised and ready to hand. Remember it’s always easier to collect receipts, invoices and other papers as you go, rather than trying to find them in a year’s time. You could throw them away by accident or delete them from your computer. Make a habit out of printing off and storing them in a folder with the date written on it to make them easier to find in the future.
Check your bank statements. This is something you should be doing regularly to gain an understanding of how much you are spending and where. Checking your statements regularly will also highlight any fraudulent activity or unnecessary charges. You should know exactly where every penny of your money goes each month and have complete control over how much is spent. Talk to your bank if you have any concerns and set up a separate account for your business. This will keep your personal and business accounts apart making your bookkeeping easier to negotiate.
Effective book keeping is something all business owners need to practice if they want their companies to succeed. Don’t leave it too late to get organized or you could face fines, debt, and even lose your home and livelihood as a result.
Photo by Carli Jean
Mia Guerra
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