For most small business owners bookkeeping is an overwhelming chore. In addition, it takes time that could and should be spent working on the core aspects of their business. Most owners would rather get back to doing what they love to do! Here are a few of the best tips to help you save time and money!
1) Make your system simple – Review old tax returns or make a list of types of expenses and revenue sources. Create a list of categories that are useful for your accountant and that can be used year after year.
2) Be consistent – Use the same categories each month when you record transactions. Consistency is crucial to successful business bookkeeping!
3) Choose the best Accounting Method for your business – Here is a helpful article to help you make this determination: Basic Accounting Principles
4) Make updating your records part of your daily routine – If you find it hard to maintain your records daily, it will be very had for you to find the time to record your transactions on a monthly or quarterly basis. It is easier to take a few minutes each day and record your transactions.
5) Take the time to setup your computer or online systems correctly to start – If you rush and don’t think through your process and systems prior to setting up your software correctly, the end result will be information that you can’t trust.
6) Keep your records – Even if a lot of the transactions are maintained within your online or software system, it is a great idea to keep paper backups of deposits and money collected, as well as bills paid.
7) Setup a reminder system – Each day and week will go by quickly, it is imperative to have a “tickler” file setup to remind you of important dates. If you are filing quarterly taxes or payroll taxes, please make this a top priority. Penalties for being late can add up quickly.
Don’t waste valuable time running your business when you could be out building your business. Let a Virtual Assistant save you time and money! Virtual Bookkeepers utilize the internet, technology and innovative software to provide professional bookkeeping services to savvy small business owners.
Jodi Crosby, Smart Virtual Assistant for You, is a mom and an entrepreneur committed to working with small business owners. My goal is to enable you to accomplish your goals while leaving the administrative tasks to a professional. I understand that being in business for yourself, while very rewarding is also very challenging. Smart Virtual Assistant for You can help. Visit http://smartvaforu.com. Follow Jodi on Twitter @SmartVAforU