How to Prioritize Bookkeeping When You Have Other Priorities
How to Prioritize Bookkeeping When You Have Other Priorities
Are your books a mess? Finding it hard to track expenses and income when your business requires your attention elsewhere? You’re not alone! Many small business owners, especially those just starting out or those experiencing a change in client volume, have difficulty keeping their bookkeeping in order, let alone able to prioritize bookkeeping.
However, accurate bookkeeping is essential for not only maximizing your tax deductions but ensuring the financial health and stability of your business.
You’re busy. You need a simple and effective action plan. Here it is:
- Get a fresh start with a bookkeeping clean-up.
- Set aside a few days or as much time as possible to focus solely on your books. No distractions.
- Enter all expenses. Upload receipts to have digital copies.
- Reconcile all account statements.
- Hire an outsourced, virtual bookkeeper for a “clean-up”. Many bookkeepers offer this service prior to tax time to get your books in order before April!
- Develop a plan for moving forward.
- Determine your biggest bookkeeping pain point. Is it tracking receipts, keeping up with mileage reports, or managing inventory? There are apps for that!
- Set rules within your accounting system to automatically categorize recurring transactions.
- Schedule a regular time each week to make sure your books are kept current. If you’d rather focus on revenue-increasing aspects of your business, consider hiring a bookkeeper for these monthly tasks.
- Implement your plan.
A plan is only effective if it is actionable. An actionable plan is only effective if it becomes a habit. Now that you are up-to-date and have a plan, stick to it!
Clean and accurate books are one of the best resources you can have as a small business owner! Still looking for that perfect virtual bookkeeper? We’d love to chat! Request a FREE consultation here, and we’ll be in touch soon!
