Bookkeeping for the Small Business Owner in 5 Easy Steps
Many business owners identify with the guilt of not keeping a proper record of expenses, bills, receipts, and invoices. It’s easy to fall behind on your bookkeeping because the natural thing to do is spend time on activities we find pleasant and enjoyable. Unfortunately, ignoring your books leads to disorganization, late fees, long overdue client balances, and dreaded bill collectors. If this situation sounds familiar, you’re not alone. The best solution for you as a small business owner is always to stop “burying your head in the sand.” You are not doomed to failure no matter how far out of hand things have gotten. Taking control of your books is a matter of organization. Remember, there is always someone out there who actually likes bookkeeping if you would rather assign the task to someone else. This brief slide show you are about to watch gives you an easy five step process which can serve as the foundation of all of your bookkeeping. This method works for receipts, bills, bank statements, and any important financial documents. Every small business (or household for that matter) needs a system of record keeping in place because money is the lifeblood of your business! Download the full and detailed report at the end of the presentation. Thanks for watching!
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Bookkeeping for the Small Business Owner in 5 Easy Steps
- 1. for the SMALL BUSINESS OWNER in Easy Steps! Image Credit: bookpals.net/contact-us/owl-on-books/ RECEIPTS INVOICES BOOKKEEPING 5 BANK STATEMENTS
- 2. Pick Your Tracking Method Tracking method is a matter of personal preference, but it’s important to reconcile your books at the end of each month to catch potential errors. 1 BY MONTH January February March April May OR http://info.milestoneadvisors.net/blog/bid/170352/Segregation-of-Accounting-Duties-Cash-Receipts BY EXPENSE Office Supplies Meals Travel Postage Advertising
- 3. Think about how you prefer to organize accounting records, receipts, bank & credit card statements, invoices, bills, and financial statements. 2 Choose Your System Paper Electronic and/or Equilibria, Inc.
- 4. Gather Your Toolkit Get into the habit of storing all accounting related activity with a consistent system. Your toolkit will help you stay organized, making it easier to locate items when you need them and fix reconciliation errors.. 3 Labeler File Folders/Jackets Scanner Binders Software Equilibria, Inc.
- 5. Make an Archive Check with your country’s regulatory agencies to determine how long you must keep your accounting records. At the end of the year, determine what information to keep and what to shred. Then, transfer it to a folder, external hard drive and/or cloud solution for long term storage. 4 Password protected cloud storage Water-proof, fire-proof, lockable file cabinet Remote backup onto external hard drive Equilibria, Inc.
- 6. Get the Right Help Be honest with yourself. If you are not good at bookkeeping or you do not have time to do it, then outsource or delegate it to someone with specialized knowledge or training. Above all, value your time. 5 Equilibria, Inc.
- 7. Want More Info? ©Copyright 2009, 2014 Get a Full & Detailed Report of this 5 Step System for Small Business Owners… Learn specific steps to create your own in-house system to ensure your small business’ accounting records are organized, tracked, backed-up, reconciled, audit-ready and properly stored. A good bookkeeping system will also eliminate late fees and free up more of your time to focus on doing what you do best – running your business! click here to download this FREE report!
- 8. Remember, a good bookkeeping system ensures you do not waste valuable time and money searching for misplaced information. http://www.gwarlingo.com/2012/rachel-perry-welty-transforms-clutter-into-art/Equilibria, Inc.