If you own your own business, you’ve got a lot of things to do. Few are as important as bookkeeping and accounting, but that doesn’t mean you want to spend more time on accounting than other aspects of your business!
Unfortunately, that’s the sad reality for many business owners. Hour after hour is spent tracking debits and credits, and tracking down receipts. It isn’t uncommon for business owners to waste hours on financial tasks that could have been better spent doing something else.
If you don’t want your finances to take over your job responsibilities, follow these tips, and you’ll find that keeping track of your accounts is a lot easier.
Use the Right Software
The right software can make all the difference. Accounting software is a must, because it can keep all of your financial information in one place, but the software you use shouldn’t end there.
Time management software can keep you on task, but it can make accounting easier too. For example:
- You can keep all project information in one place, which includes spending. That way, you don’t have to hunt down members of your team every time you want an account update.
- Dependent task triggers ensure work flows smoothly, enabling you to save money.
- Task managers can be used on mobile devices, so you can keep an eye on your accounts, even when you’re on the go.
- You can store and organize important files and documents, including financial documents, providing relevant parties with access to financial information.
Keep Meticulous and Consistent Records
If you don’t want to waste time trying to figure out which payments went where and what things you bought that can provide you with a tax benefit, it’s important to keep meticulous records.
Excel spreadsheets are a great way to budget your money, as long as you take the time to learn all the tricks that make using them easier than more traditional ways of keeping records. Get the right sheets set up, and it’s easy to plug in every piece of important financial information.
It’s not just about keeping meticulous records. You need to keep consistent records too. For example, if your office is going digital, don’t keep a box of receipts in the office. They should be digitized, so you aren’t searching multiple sources for the information you need.
Make It Part of Your Daily Routine
Dealing with finances isn’t a lot of fun, especially if you have better things to do. It’s easy to put off scanning a receipt or entering account information until later. The problem is, all those small tasks add up, and before you know it, you’ve got an entire day’s worth of accounting work to do.
Instead, try following the one-minute rule. If you can take just a minute to scan those receipts or enter that information into one of your spreadsheets before you leave at the end of the day, do it.
It can also be helpful to plan it into your routine. For example, spend the first 30 minutes after lunch concentrating on accounting tasks.
Take the Time to Learn New Things
There’s a lot to learn about accounting. For example, did you know that accounting and bookkeeping are actually two different things, even if the terms are sometimes used interchangeably?
It never hurts to take the time to learn a few new accounting skills. That might mean reading a book or doing a little research online. It could also mean signing up for a class. The more you learn, the more confident you will become keeping track of your finances.
Hire Someone for the Job
You can save a lot of time doing your accounting tasks on your own, or asking a member of your team to help. However, time is money, and there will likely come a point when it’s worth your time to spend the money hiring someone else for the job.
That could mean hiring a new full-time member of your team, but don’t think you’re doomed to deal with your accounts on your own because you can’t hire someone for the office. There are many accountants and bookkeepers you can hire online to work when you need them, without paying them when you don’t.
Accounting is no easy task, but it is one of the most important things you can do for your business. Fortunately, it is only as hard as you make it. With the tips on this list, you can make accounting tasks just a little easier.