Organize your business accounting records (like a GIRL BOSS)
Learn the basics of bookkeeping for your business.
For this blog post in video form, please head to my YouTube channel or check the bottom of this post.
If you want to learn the basics of bookkeeping for your new or soon-to-be new business, I’m sharing my top three tips for organizing your bookkeeping.
Step 1: Figure out how to do it yourself, or outsource it
If you already have a business and have not started this, than circle back and get started. I cannot stress enough the longer you leave this the worse and the harder it will be to get a handle on your finances. As soon as you start your business, start structuring the way you will keep track of your bookkeeping. If you don’t know how to start, get some basic training with a bookkeeper and/or an accountant. Find out how much time you have to dedicate weekly to bookkeeping and how complex it will be. This is fairly important to determine to at the beginning of your business. The complexity will determine how much time will be needed to dedicate to bookkeeping and then you can decide if you want to outsource it.
Step 2: Go paperless
Whether you outsource your bookkeeping or have decided to do it yourself, you need to stop keeping paper receipts today!
Get an app and take a picture of all your receipts instead of keeping paper. Then, have your bookkeeper upload and send to your accounting software or do it yourself. I use NEAT which then automatically sends to Quickbooks.
Step 3: Dedicate 30 minutes weekly to bookkeeping AND NEVER SKIP THIS
Just like I say about making organizing a priority, the same goes for bookkeeping. I schedule 30 minutes every Friday to go over my receipts and also to review expenses, budget, etc.
If you dedicate weekly time you will never fall behind. Trust me, even one week will set you behind.