If you are a new business owner or even an experience done, you know that bookkeeping is something that is a necessity for your business. Although everyone is aware that record keeping and organizing is important, most business owners do procrastinate with their books due to other priorities.
So what is the best way to tackle this? Here is a quick checklist to follow:
The most important element of bookkeeping is to do it regularly. Set a time in your calendar every day or every week and dedicate it ONLY to this task. It will take discipline but this will pay off in the long run.
In this day and age, there are so many tools that are available to you. The more manual your process is, the more errors you will make. But even if you don’t trust technology 100%, your accountant can review to ensure accuracy and teach you how to properly analyze your reporting and identify any gaps.
This is a big one. Reconciling your system on monthly basis is the best suggestion. Don’t limit yourself to just bank accounts and credit cards. You should go through all your payroll, line of credit and any loans. This is also important if you need to track any cash payments. This is where keeping on top of your invoicing is key. Establishing a thorough process will set right expectations with your customers and suppliers from the start.
If you are growing and all of this becomes to hard to handle, outsourcing can be a cost effective solution. Choosing a professional bookkeeper will keep your records accurate and organized. After all that is OUR business!
We are happy to help with any questions you might have, as well as your accounting, tax and payroll needs.