It is understandable that you may look at your business bookkeeping as a burdensome task that takes up time that could otherwise be spent growing your business. However, you don’t have to be a pro to get your paperwork done properly, and it doesn’t even have to take you a lot of time. The following are just a few ways that you can stay on top of your bookkeeping so that you can save time, money and a heap of stress.
Use Accounting Software
Nowadays, there is plenty of software available that can help even the least bookkeeping-savvy business owners to keep track of their own paperwork in a timely fashion. Software can help you do the most basic tasks, such as inputting cheques, reconciling bank accounts, creating reports and so on. Once you figure out how to use the software, you can save time even further by getting someone else to do it such as a family member, staff member or a local college student.
Outsource the Task
Probably the most effective way to save time with your paperwork is to outsource tasks such as payroll services and bookkeeping to a professional. A bookkeeper will probably be more knowledgeable than you when it comes to balancing your books, planning your budget and preparing your tax return every year. The major benefit to you is that it frees up your time so that you can focus on running the core aspects of your business.
Develop an Efficient Filing System
One of the major pains of bookkeeping is ensuring that all the random receipts, invoices, bills and so on are organised in one place. If you want to save time, however, this needs to be done properly. The more organised your filing system is, the easier your life will be when it comes to monthly balancing, tax season or if you should ever be audited. With an efficient system, you will always be able to find a random piece of information you may need, and will never have to spend precious time searching for important lost documents.
Keep Personal and Business Accounts Separate
Mixing personal and business accounts is recipe for a time-wasting disaster. By keeping things separate, you will save plenty of time that might otherwise be spend sifting through layers of financial webs that have been woven from too many interactions between your personal account and business account.
Keep Your Payment Method Consistent
Different forms of payment will mean different ways of recording payments, which will inevitably complicate your financial balance leaving you wondering where your money went. If possible, avoid using cash and taking money out of the ATM, and use your debit and credit card consistently instead. This way your receipts are all consistent and organised, which will save you countless hours of tracking down unrecorded payments.
Take a Course
When it comes down to it, you can always take a course in business bookkeeping so that you can become more efficient at it. If you don’t want to hire someone else to do it for you, then becoming proficient yourself is the best way to get your paperwork done quickly with fewer hang-ups.