1. Keep Your Books a Top Priority
Books Should always be kept as one of your top priorities! If not kept properly and organized, it could be difficult to get things in order when needed. Always keep your focus on maintaining and tracking your expenses. Having a plan and staying organized right away, will leave more time for you to focus on your business growth and less time worrying about tax season and auditing your expenses.
2. Automate What You Can
Speaking on having more time to devote to growing your business, what better way than to automate what you can. Automation is essential for small business owners because running a business is no small task. It is actually an accumulation of many tasks, and so the more time you can free for yourself, the more successful the business can become due to your attention being placed in the right areas.
Bookkeeping is no different. There are a number of accounting software that can be used to streamline your business processes. Keep in mind the security of the software and its accessibility. What works best for your business? How do you keep books now and what is the biggest thing you want to change in order to make that easier? Keep that in mind when choosing your software. Some programs include Quickbooks, Freshbooks, Zarmoney, and Tipalti. Take this step, and your life will be so much easier.
3. Keep Your Business Expenses Separate from Your Personal Expenses
The quickest way to become unorganized is to mingle your personal expenses with that of your business. Be sure to have a separate business account for everything related to your business. Stay as organized as possible and do your best to stick to your budget. In most cases, if you own your own small business, keeping a business bank account is a must.
4. Keep Thorough Records
Keep everything! Keep a record of business invoices and receipts, and organize them in a way they are accessible. If possible, having a digital copy (with a backup) and locked and secured hardcopies will do wonders for your business and maintain it’s financial condition. Having a digital backup of your records is critical in case originals are destroyed or lost.
Not only will you always have a paper trail to refer to if needed, but it’s a sense of financial security and accessibility.
5. Set Deadline Reminders
As mentioned before, owning a business is no small feat. There is a lot to keep up with. Even with tasks being automated, there is always a chance something will be missed—and something will probably be missed because that’s the reality of owning a business. The best thing you can do for yourself and for your business is to set yourself up for success! Plan through obstacles and have a plan for different scenarios.
One of the better things to do, as far as maintaining the financial integrity of your business, is to set deadline reminders. Since the financial state of your business is so critical, create a situation for yourself to prioritize when needed. Set an alert with enough time to complete a task or pay a bill on time. It takes barely any effort and you will thank yourself later.
BRENDA PORTIER Bookkeeper and Quickbooks Consultant
Brenda’s extensive background includes owning and running a construction company, along with providing finance and real estate business services. She makes the bookkeeping process as smooth as possible by being honest and reliable. Brenda helps our clients set up a business Quickbooks accounts audit their books, conduct weekly and monthly bookkeeping, payroll and setting up methods to track and analyze sales, purchases, income, receipts, and payments.
ANAND PATEL HospitalityConsultant, Hotelier
Anand Patel is a Hospitality Consultant with Piedmont Avenue Consulting, Inc., as well as a Hotelier in the San Francisco Bay Area. He has also served on the advisory board of several hotel organizations and owned and managed properties in other markets including Orlando, Florida. Anand is familiar with the trends regarding expansion & growth for hotel businesses as well as issues related to the hospitality industry.
Piedmont Avenue Consulting, Inc. is a San Francisco Bay Area-based business development and marketing consulting firm that creates brand awareness, strengthens customer loyalty, and increases lead generation by leveraging new technologies and streamlining business processes.
If you are interested in learning more about the best marketing strategies and business practices, schedule a free consultation today!