Whether you are an established business owner or just starting on your entrepreneurial path, bookkeeping is a necessary part of your professional journey. Here are some strategies to help you with financial organization and bookkeeping. Set Up Automatic Billing and Payments Where You Can The money that comes in and out of your business needs help getting to its destination, but that doesn’t mean you have to do everything yourself. Take advantage of – or even set up systems for – automatic billing and payments. The crux here is making sure you still monitor these systems on a less frequent, but still consistent, basis. So long as you know which expenses are coming out of which business accounts and you know you have enough funds to cover them, automatic transactions relieve some of your stress and give you peace of mind knowing your essentials are taken care of. Break Up the Work Procrastination is the spice of life. It’s easy to tell yourself “I’ll do a little bit every day” when you are planning out your next week or month, but the execution doesn’t always work out that way. Set up a time in your day (preferably) or week to go through your transactions, enter the necessary data, and gather or organize documents. We all know how it feels to put something off for just a little too long and then be staring down the barrel of a mountain made of paperwork. Keep Your Files Organized While having one perfect system for keeping all finances and other business-related records would be ideal, the reality is much more nuanced. Your business may have a storefront that accepts a variety of payments like cash, checks, credit, and debit. And perhaps your online store runs through Paypal or Square. That’s a lot to keep track of. It’s important to develop a strategy early in the year to ensure that your records – whether paper, pdf, or something in between – are organized and easily referenced. Issues will arise, and it’s better to have things in order before …
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