When your business is just starting out, bookkeeping is easy--maybe even fun. However, as your business grows, so, too, do your books. Suddenly bookkeeping is significantly less enjoyable and infinitely more complicated. The key to staying on top of your finances is to keep your accounts as simple as humanly possible so you don't spend endless hours sorting out your accounting.
This is rule number one for keeping bookkeeping simple. You need to work out an organizing system that works for you. Typically, the easiest thing to do is invest in some accounting software that will help you keep things organized, but you also need to have a system for your physical copies so that you always know where your invoices are and what vendor they are associated with. And equally important: you must be able to get to everything quickly.
Pencil In Accounting Time
If you don't want to be randomly stuck doing accounting for most of a day a couple times a month, pencil a little time in every week to get it done. Organize all your papers in your organization system, make sure everyone has gotten paid, and try to anticipate any hiccups that might be coming soon--like having to deal with a big purchase or sale. By setting aside an hour or two every week, you'll cut down the total time required and avoid having to deal with the books when you're desperately needed elsewhere.
Choose the Right Accounting Software
There are plenty of accounting software programs out there aimed at making things easier for you. However, if you let yourself get lost in the software, you'll end up having your accounts done by ten different programs, ultimately making things harder for you. Keep it simple with a straightforward program like Quickbooks and perhaps one or two other programs that can sync with it, like Bill.com and Receipt Bank. When programs work well together, you don't need half a dozen of them.
If you are having trouble keeping up with your accounts as a growing business, why not let a professional help you get things sorted? For more information, contact us today.