Entrepreneurs, like you, know there is more to their businesses than just serving their customers. You must be able to get a lot of other business-y things done on any given day. From bookkeeping to operations to sales and marketing, the list of things you need to do seems never ending!
There may be some tasks you enjoy doing while others you wish you could pass along. If you are not keen on bookkeeping or are not at the point of outsourcing this task, you should have a system to help you manage this very important function.
One of the best ways I have found to keep bookkeeping from getting too overwhelming is to use a checklist with all of the tasks needed to be completed each month, quarter, and yearly. Commit to spending 15 minutes each day working on one area of the process. By the end of the month, all of your entries, receipts, expenses, and sales will be recorded so that you can reconcile your bank accounts. Then, all that is left to do is review your financial reports.
If you follow this process each month, I can promise you that tax time will not be a frazzling experience for you or your tax preparer. You may even save money by ensuring you recorded all of your tax-deductible expenses for the year.
So, let's free up some of that mental bandwidth and create a bookkeeping checklist you can use each month to manage those critical bookkeeping tasks and streamline your tax prep for the end of the year.
If you don't have a bookkeeping checklist, you can download my Ultimate Bookkeeping Checklist, which can be found under the Resources page on my website at www.okieaccounting.com.
Leave a comment below to let us know what systems you have in place to help you manage your business!