Do you have any bookkeeping tips for businesses owners or freelancers?
When it comes to starting a business, maintaining an existing one, or working as a freelancer, one of the things that is absolutely essential to your success is keeping a close eye on your finances. You need a system for record keeping and maintaining your books that is concise, consistent and efficient. Here are a few tips and words of wisdom to keep in mind.
For the owner who intends on doing his own finances…
- You need to discipline yourself to set aside time to do your books, regularly
- You need to have a business account at the bank for your income to go into, and expenses to be paid out of
- You need to get your tax and compliance obligations in order
- Keep all your receipts. Don't trust your memory - put notes on the back right away
- Get accounting software that is user friendly
If you don't think you have discipline to consistently keep your financial records organized, don't fall into the myth of thinking that you will save money doing everything yourself. Get yourself a professional bookkeeper.
Or, if you have been going the route of doing it yourself, good for you, but if you get to the point where you decide that it is just not worth your time and energy trying to make sense out of all the bits and pieces of paper you have lying around, it might be time to employ a bookkeeper. Never sacrifice too much of your personal time, you know that free time you get when the doors of your business close, to save a few bucks!
Now the question arises: “Where do I get a bookkeeper and how would I know she or he is a good one?”
Tips for picking the perfect bookkeeping partner
At the end of the day, your bookkeeper is going to be an integral and important part of your business (or personal financial life), therefore it is imperative that you feel comfortable with this person and feel that you can trust him or her.
You need to ask yourself these questions when deciding on the bookkeeper for you…
- Does the bookkeeper specialize in my size/type of business?
- Does the bookkeeper understand my kind of business and the problems I face?
- Does the bookkeeper use an accounting system that I like?
- Are my business peers familiar with this bookkeeper?
- Is he/she trustworthy? Is the feedback positive?
- Can the bookkeeper do income tax preparation?
- Does the bookkeeper communicate well? Can he/she explain things to me so that I understand?
- What does my gut feel about this person? Can I get along with him/her?
Do not be shy to ask for referrals, ask around and do your homework.
This person will be responsible for looking after you financial matters, which is what is at the heart of any business. What comes in must be more than what goes out, and you, as the owner, need to be on top of this, so that you are in a position to make sound business decisions that in the end impact positively on the growth of your business.
Professional Bookkeepers in is a company that strives for service excellence. We take our clients and their business seriously. After all, at the end of the day, your money matters!
Bookkeeping in : Professional Bookkeeping Services
Bookkeeper in : Professional Bookkeeper