(and Make Your Business Smoother!)
Let’s chat about something that might not be the most exciting part of running your business, but is oh-so-important: bookkeeping. Now, I know what you’re thinking – “Ugh, numbers!” But stick with me here, because I’ve got some super simple tips that will make life easier for you and your bookkeeper.
Keep Your Business Piggy Bank Separate
Remember when you were a kid and had different piggy banks for different things? Let’s bring that back!
- Get yourself a separate bank account and credit card just for your business. It’s like having a special piggy bank just for your company’s pennies.
- Avoid the urge to dip into the business account for personal stuff. I know that new gadgets can be tempting, but your future self (and your bookkeeper) will thank you!
- If you do need to use personal funds for business reasons, be sure to write it on the receipt and let your bookkeeper know.
Become a Receipt Wizard
Time to channel your inner organization guru!
- Snap photos of those paper receipts before they fade into oblivion. Tons of cool apps make this super easy.
- Give each receipt a quick label – date, amount, what it was for. Future you will be so grateful! Keep the naming convention consistent (ie 2024 May 31 Home Depot)
- Create a simple filing system. Whether it’s a physical folder or a digital one, having a home for all those receipts is key. Google Drive or Dext are great digital filing options.
- Send them regularly so that expenses are recorded consistently.
Don’t Let Cash Be Your Kryptonite
Cash can be sneaky – here one minute, gone the next.
- Keep a little notebook (or use your phone) to jot down cash ins and outs.
- Make friends with your bank’s night deposit box. Regularly depositing cash keeps it safe and accounted for.
- For those little cash expenses, consider setting up a petty cash system. It’s like a mini bank account for your office!
Chat It Up with Your Bookkeeper
Your bookkeeper isn’t just a number-cruncher, they’re part of your team!
- Schedule regular coffee (or Zoom) dates to catch up on your finances.
- Keep them in the loop about big changes or unusual purchases.
- Don’t be shy about asking questions. If something in those reports looks like Greek to you, just ask!
- Let them know what’s helpful and what’s not. Your feedback helps them help you better.
Embrace the Tech Magic
We live in the future! Let’s use it to our advantage.
- Look into accounting software that plays nice with your bank accounts. It’s like having a robot assistant for your finances. QBO and Zero are great for this!
- Try out digital invoicing. Your customers will love how easy it is to pay you!
- If you bill by the hour, a time-tracking app can be a real lifesaver.
- Try a mileage app if you have a company vehicle.
- Cloud-based tools mean you and your bookkeeper can collaborate easily, even if you’re miles apart. If you need help your bookkeeper can teach you how to use these!
By giving these tips a whirl, you’re not just making your bookkeeper’s job easier – you’re setting yourself up for financial success. Plus, with all the time you’ll save on money muddles, you can focus on what you do best – your business!
Remember, a well-organized financial system isn’t just about keeping the taxman happy. It’s about giving you the clear picture you need to make smart decisions for your business. So go on, give your bookkeeper a hand – your future self will high-five you for it!