Are you one of those people who puts off your bookkeeping until it becomes urgent?
Perhaps it’s a job you procrastinate about, never find the time to do or just don’t enjoy it, so you don’t prioritise it.
Wouldn’t it feel better to put a simple system in place that makes bookkeeping a breeze and keeps you on top of things so you never experience that last minute panic again?
We all know that keeping short accounts – in any aspect of our business – leads to success. It stops things building up until they reach the urgent level and keeps stress to a minimum.
Here are our bookkeeping tips for small businesses:
You probably schedule important meetings, deadlines and appointments in your diary. Treat your bookkeeping in exactly the same way. Schedule an hour or two a week in your diary and make it a non-negotiable appointment where you get everything up to date.
As soon as you’ve delivered a product or service, send an invoice straight away. Not only does this get crossed off your To Do list, but research shows you’re more likely to get paid more quickly.
For Small business accounting software – we recommend Quickbooks, where can automate some of your bookkeeping. One of the most useful features is the ability to schedule recurring invoices. Whether a client has weekly, monthly or annual services from you, you only need to set up one invoice and set it to automatically recur.
Update on the move
When we announced the new Quickbooks accounting software for the self employed, we talked about tracking expenses. The software allows you to track mileage expenses so you’re never out of pocket. And as you can access your data from a smartphone or tablet, you can update on the move. This means your receipts can be logged straight away; whether it’s for office sundries or travelling expenses.
As part of our ongoing monthly service, we offer regular Skype calls to our clients to help them keep on top of their accounts. In just 15 minutes we can look at a snapshot of your business, check that all-important profit and look at outstanding expenses so you can keep your finger on the pulse and your accounts up to date. By doing this, you won’t find surprises 10 months down the line that then needs your urgent attention.