Bookkeeping tips for the business owner who does it all
As a small business owner, you wear many hats each day.
Your passion for growing your business and taking care of your customers are two major priorities. Business growth and high customer satisfaction are achievable because of the overachiever within you.
Balancing and tracking finances are among your many day-to-day duties. As you know, bookkeeping is no small task. As a constant learner, you might be in search for ways to streamline certain functions that will save you time and ultimately, money. The following tips can boost your know-how and help you overcome any bookkeeping challenge you face.
Use the right technology
Technology is designed to improve efficiencies at every step of the way. This is only possible, however, with the right technology in place.
Software features, for example, can address your specific business tracking and reporting needs. Outdated software, clunky as it might be, will slow down the process, which eats away at valuable time.
Today’s technology is versatile, more than capable of keeping up with the specific needs of the company. Software and apps can run on computers, laptops and smartphones, providing business owners with multiple entry points to track and input data and saving them time.
Sophisticated software tracks costs, sales, receivables, payables, labor costs and whatever else the business needs to include. Once a business is set up, the bookkeeping technology will manage and sync data across the enterprise. It can also automate some tasks, such as reports, and keep everything locked up and secure on a cloud-based system. Contact us today for recommendations!
Review reports frequently
Since software programs will do a lot of the heavy lifting when it comes to producing reports, business owners should take advantage and review them regularly.
Income statements, accounts payable aging, balance sheets, cash flow and accounts payable are the major ones to keep tabs on. It’ll be easy to do with the at-a-glance reporting produced by specialized software.
If you’re like many business owners who are deeply involved with tracking the company’s bookkeeping, it can be easy to lose sight of some details, which can also speak to the organization’s financial health.
Seek guidance on setting up software
If you’re thinking about transitioning to updated software, it’s a good idea to let an expert set up your system. Certainly, the software will track every financial detail you want to know about, but if the bookkeeping program isn’t set up to that end, you’re back to square one.
You’ll also enjoy capabilities that grant access to other members of your team. Yet, it’s important to keep in mind that the software is still designed with standard bookkeeping principles and practices that not everyone is familiar with. That’s why it’s so important to have a seasoned professional set up a system that lets you digitize customer billing, product inventory, banking account synchronization and other features such as time-tracking.
Map out tax plan
Tax season can creep up on some businesses. The advantage of having the bookkeeping help is that you’ll always be prepared to meet deadlines and all tax obligations.
With precise bookkeeping numbers, business leaders can have peace of mind that they’re on track with their taxes. It also allows them to plan ahead and set aside funds just for tax purposes.
Partner with bookkeeping professional
A reputable organization, such as 5 Star Accounting and Business Solutions, that specializes in bookkeeping services and consultation, is an invaluable partner on your journey to streamline your bookkeeping and other business processes. As your business grows, time and your availability will also shrink. And while you have always approached bookkeeping on your own, now might be a good time to form a partnership that helps manage or provides expert consultation on all your business needs, including tax services, and other business essentials.
So if you’re ready to hand off the reins of your bookkeeping process, or need a little help getting started, 5 Star is here to help. We understand the priorities of business owners and will work side by side with you as you reach and exceed your goals.