When you run a small business, it is up to you to keep your books in good order. Bookkeeping is one of the keys to a successful small business. There are a few things you need to do to ensure that your business is a financial success.
Hire Someone to Help with Your Bookkeeping
Taking care of small business accounting is not an easy job, which is why one of the smartest moves you can make is to bring in someone who is trained in finances to run your books. You don't have to hire them onto your staff full-time; many bookkeepers work as independent contractors who you can just pay to complete the work you need to have done. Having someone else to rely on to help you with the financial side of running a small business can give you all the back-up you need to be successful with your business operations.
Use Software to Track Time
Next, handheld time cards are a relic of the past; don't use them with your small business. Instead, invest in a tracking software that allows employees to clock in and out. Even better, use a tracking software that is cloud-based so employees can clock in and out from anywhere. This is a great feature if you have employees who are always out in the field and not in the same office or building.
Using software can make it easier to create and finish your payroll each pay period. Using time tracking software can make it easier to verify the accuracy of each employee's timecard.
Automate as Much as Possible
Being able to automate financial tasks can save you a lot of time. You can set up your accounting software to do things such as sync your online banking with your own entry of receipts and purchases. You can automate sending out invoices to customers to a set day of the week or the month, and you can automate paying important bills. Automating financial tasks can help you use your time more wisely.
Check Up Once a Week
Even with the smartest system, you still need to check up. Set up a time at least once a week to review the information and make sure that everything makes sense. This can help you identify little anomalies, such as an invoice that went unpaid and unnoticed for an extended period. At least once a month, set aside time to look at the overall picture, and evaluate the health of your overall business.
As a small business owner, it pays to bring in someone to help with your bookkeeping. Modernize your bookkeeping and accounting with an accounting program, automated tasks, and a cloud-based timecard system. Set aside time to check in with your bookkeeper and your accounting software to make sure everything is running as it should. These checking-ins can also help steer the direction of your business.
Share28 June 2019
Accounting is the absolute most important element of running a business. If you mess up the bookkeeping even the slightest bit, the entire business could be in trouble. I know how costly a small bookkeeping error can be. About three years ago, I made a seemingly small mistake in the financial records for my business and the next year when I filed my taxes, things were very bad for me. What would have required a small tax payment had suddenly turned into a big tax bill and quite a headache. Since then, I have worked with an accountant and things have been better.