10 Tips on How to Easily Keep Track of Your Business Finances
October 27, 2020
Written by Teresa Oliver
Bookkeeping Made Easy
It is the end of a very long week and all you want to do is pour yourself a drink and turn on Netflix…….
But there is one more thing you must do before you can call it quits, reconcile your books.
Oh, the dreaded reconciliation and circus that is your bookkeeping software.
Let me help you K.I.S.S. this chore GOODBYE!
- A good bookkeeping software is essential (Whether it is an excel spreadsheet, purchase ours here, or QuickBooks)
- Take the time to set-up your system in the beginning or right now so you can breeze through this task (need help setting up your QuickBooks, give us a call)
- Keep a copy of ALL your transaction documents (receipts, invoices, etc.)
- Take up to 1 hour of everyday to enter the day’s receipts, invoices, etc.
- Keep a list of all your bills and their due date (whether in your bookkeeping/accounting software or on a spreadsheet.
- Count your inventory like it is cold hard cash (BTW, it is cold hard cash – future tense)
- Check your bank balance DAILY
- When you pay a bill or enter a transaction, mark it “DONE” or “PAID” to avoid duplicate payments and entries (duplicates is a sea you do not want to swim in)
- For every new process, write down exactly what needs to be done for the transaction to be considered complete (receive request for estimate, send employee on site, review employee notes, create estimate, send to customer, receive customer payment, send employee to site, review employee completed job, send thank you to customer)
- Use a payroll and timekeeping software to pay your employees and make sure they file your 941’s (We like Gusto and T-Sheets)
BONUS TIP: When keeping your own books becomes overwhelming, do yourself a favor and hire a professional.
That’s all folks!
MAY THE NUMBERS BE EVER IN YOUR FAVOR