Are you drowning in numbers? Can’t move something on your desk without toppling piles of receipts?
We get it. Handling business finances isn’t an easy task. But it doesn’t have to make you pull your hair out either.
Here are some simple ways to make the process a whole lot calmer.
1. Be Picky With Software
A lot of small businesses use QuickBooks, but if you don’t like that – don’t use it.
The most important part of choosing an accounting software is understanding the interface. If it’s a new program, that can mean watching the cheesy introduction videos that come with the download.
If you get stuck or they don’t have what you need, check YouTube. Most of the time, if you’re using a brand-name software, there’ll be a walkthrough that can solve your problem.
Don’t see any? Figure it out and go ahead and make your own. Helping other business owners like yourself is worth the 20 minute production time.
2. Never Mix Work and Play
You should have a work card and a personal card. Try your best never to let those mix.
It’s easy to swipe the card and say, oh, I’ll just expense that out later. But how many people remember to do that?
It’s not worth the potential legal or tax issue and confusion when you’re trying to balance the books later. Keep work purchases on work cards and personal on personal cards.
If your employees have access to business accounts, instruct them to do the same.
3. Log Every Day
If you’re buying things for your business, it’s easy to let receipts build up. And build up – until they’re a six-inch tall mountain of paper you’re dreading having to deal with.
Not only will it be unpleasant to go through that mountain, but you’re more likely to make a mistake. Doing all that at once is a lot of details to put into your brain.
Instead, set aside ten minutes a day to process receipts and log transactions. It’ll keep you from going crazy and your books will stay in good shape, without that much effort.
4. Buy a Document Scanner
About ten years ago they came out with these portable scanners that read the information right into your computer. To use them you load up the document, press scan, and the file pops up on your screen.
Now you can shred that piece of paper and avoid a paperwork mess.
But these units can do more, depending on the quality of the one you buy. Some of them come with software that can read and log the information on the document.
Like your receipts – or business cards. Don’t use a pay stub creator yet? It can scan in your paychecks too.
It’s not perfect, like any other machine learning device, but it’s worth a try in your office.
If you don’t like it, give it away or return it.
Managing Your Business Finances
When it comes to doing things right and keeping them organized, you don’t need to reinvent the wheel. Your business finances are the most important aspect of your business, so give them the time and attention they deserve.
Need some tips on saving money both at work and at home? Get savvy here.