How To Stay On Top of Your Small Business Bookkeeping — And Stay That Way.
Ah, the act of saving receipts and uploading invoices each month.
How do you ensure you remember to accomplish these little tasks regularly so that you’re not losing your mind when tax season rolls around and you have to track everything down?
Well, let’s first validate that many small businesses struggle with moving bookkeeping back and forth to get it off of the back burner.
How to Catch Up On Your Bookkeeping
Nobody wants to fall behind, or worse, stay behind in their bookkeeping. We’ve mapped out the next three steps that you can follow to get back in line and up-to-date as quickly and as accurately as possible.
Round on Your Receipts and Other Financial Documents
Make sure you identify a spot where you can save all receipts and financial documents so that they’re easily accessible to you when you need them in the future.
This includes items such as customer invoices, general receipts, vendor accounts, and business expenses. One of the best ways to catch up on your bookkeeping before it becomes hard to handle is to gather and file away as they come in.
The more documents you obtain and save, the better prepared you’ll be to accurately finish your books.
Reconcile Against Your Bank Accounts
Your bank accounts are a great tool against which you can compare the documents you’ve gathered to ensure everything adds up.
You’ll also want to separate your personal and business accounts and expenses so you aren’t drowning in dozens of printed bank statements and color-coded highlighters.
By reconciling your bank accounts, you’ll be able to also identify any errors in your records. You’ll end up with a better idea of where your finances are when you’re staying on top of this as a bonus win.
Simplify Your Processes For The Future
When you opt to go paperless, it’s much easier to stay organized and up to speed in your bookkeeping. This way, everything can live online and if you get to a point of hiring someone to help, it will already be clearly laid out for them.
Also, go ahead and save any W-9, W-2 or 1099 forms you have so that they’re all in one place and easily accessible as well.
Organization is the name of the staying-on-top-of-your-game game.
BELAY Bookkeepers: Never Fall Behind Again
Managing your financials with a BELAY Bookkeeper – instead of doing it yourself – can be of value to everyone involved. Sure, you handle bookkeeping yourself and probably save money doing so. But you run the risk of making a huge mess and, potentially, some costly mistakes.
Our Bookkeepers support you in the areas where you come up short and are a great option for business owners who never want to deal with the hassle of bookkeeping again.
Grow Your Business With BELAY
If you’re still curious about what working with a BELAY Bookkeeper looks like, we’ve laid out everything you need to know about working with a bookkeeper.
And if you’re still not convinced, here’s a resource that breaks down the cost of not doing your bookkeeping on your own.