Five Tips For Streamlining Your Bookeeping

I understand small business owners have a lot on their plate - I'm a business owner myself! Between managing your businesses and juggling your personal life, there's not always a lot of time left for bookkeeping. However, neglecting your books can lead to serious financial problems down the road.

Here are five tips for streamlining your bookeeping so you can focus on the people and things that are most important to you ‒

1) Automate as much as possible - There are a number of software programs that can  help you automate your bookkeeping tasks, such as invoicing, payables, inventory management, even reporting, making it much easier to keep track of your finances.

2) Create a system that works for you - There is no "one size fits all" solution when it comes to bookkeeping. I support numerous clients with setting up and managing their QuickBooks Online, Zoho Books and other cloud-based platforms so they can be comfortable and confident with their financial management. Find a system that works best for you and stick to it. Whatever is functional and easy to manage, will get done.

3) Delegate some tasks to others - If you don't have the time or energy to do everything yourself, delegate some of your bookkeeping tasks to someone else in your company or leverage outside professionals. No one is an expert in everything. While having a strong foundational knowledge of your financials, your accounting system and the health of your business is essential, it may be best to spend your time elsewhere and let someone else handle the day-to-day management of the books. My clients went into business to do what they love – not necessarily to learn accounting – but they still have found tremendous value in having 1-on-1 training to get up and running.

4) Stay organized - This goes hand-in-hand with creating a system that works for you. Make sure everything is filed away neatly and easy to access when you need it. Think about the tools you currently leverage and have access to such as Google Drive, Dropbox, your accounting software or a receipt bank that helps streamline your processes, save time and money.

5) Don't be afraid to ask for help - When it comes to bookkeeping (or any aspect of business for that matter!), there's no shame in admitting that you need help. I have always believed that knowledge is power. Play to your strengths and let others do the same. If you're struggling with something, don't be afraid to ask an accountant, bookkeeper or advisor for assistance.

I can relate to wearing multiple hats within my business, balancing working in my business with working on my business, and working to gain clarity on aspects of business outside of my wheelhouse. I can also attest to the overwhelming value adds that having more knowledge and more time can provide.

Are you looking to go from bookeeping confusion to financial freedom and get back to doing what you love? Be sure to check out my upcoming FREE live Bootcamp to help you simplify your bookeeping and create an actionable plan you can stick with!