To help take the stress out of your finances, here are ten tips for staying on top of your books.
Always set aside some cash
There’s nothing worse than a missed tax deadline. No matter how much we prepare, they can always catch us off guard.
So, whether you’ve had a good or bad month, it’s always best to put money aside throughout the year.
Put time into organising
One of the most common mistakes we come across when working with organisations is a messy system.
Even if you have a very particular way of organising receipts and invoices now, come tax season there’s little room for mistakes.
Remember, human error will always cost you far more than time spent sorting your records.
Keep an eye on expenses
It’s absolutely paramount that you’re aware of what money comes in and goes out while you’re growing your business.
The best way to do this is by starting a business account, that way you can keep your expenses separate.
Another thing would be to sort your expenses into categories, such as daily travel, utilities, even food and drinks if necessary.
Keep track of your spending
Records can only ever speak for themselves, and when you’re looking back at the end of a tax year, it can be quite difficult to understand the condition of your business during that time.
Be sure to jot down anything of note after closing up shop. This could be outstanding invoices, supplier issues, anything that may have affected the regular flow of cash coming in.
Go digital
While the tips we’ve laid out here are integral habits, ensuring your records stay organised and easily accessible, the best way to alleviate most bookkeeping headaches is by going digital.
The transition might feel strenuous, especially if you have a large backlog of paper records to transfer, but the time saved moving forward far outweighs time spent entering in each receipt.
Outsource your bookkeeping
If managing financial apps doesn’t sound like a good fit, why not try outsourcing your bookkeeping problems entirely?
Outsourcing your bookkeeping to expert firms is a great way to lighten the load if your only focus is your business.
This amount of flexibility encourages more significant growth more effectively as without the headaches of managing accounts and other financial duties, you’re able to focus on what matters most.
With the right habits or even the software, you can make the once challenging task of bookkeeping into a much more manageable process.
For even more ways to keep track of your businesses finances give us a call and put the focus back on your business.
