Though recordkeeping may sometimes be tedious, it doesn't have to be the daunting task that many make it out to be. With just a few quick fixes, you can instantly improve the outlook of your small business.
Time to Open Another Bank Account
This may come as a surprise, but you are not your business. Sadly, many new and existing business owners forget this concept, resulting in a slew of headaches down the road that could have easily been avoided. By separating your personal and company finances, not only will reconciling charges become much simpler, but decision makers will gain better insight into their cash flows, thus enabling them to plan further than just the next month.
Organization is Key
While there is no shame in being a hands-on owner, there will come a time, usually around Spring, where you will need to take a step back, because only then will you be able to see the big picture. Of course, we’re talking about the inevitable tax season. Don’t wait until the last minute to get your ducks in a row, but instead start planning now.
While it may seem like something outside of your comfort zone, you first need to start thinking like an accountant. This doesn’t mean that you need to be well-versed in the IRS tax code, but instead pretty much boils down to investing time into budgeting, setting bill due-date reminders (don’t want to be penalized with a late fee) and inevitably planning for the worst-case scenario. Basically at the end of the day, if you don’t have a receipt, then it didn’t happen.
Know When to Ask for Help
While it may be human nature to want to do things on our own, even the greatest of leaders know that everyone has their limits. By accepting this reality, you aren’t showing weakness, but instead you’re showing that you understand your situation and are taking the first steps to resolve a growing problem. If this sounds like you, why not hire a pro before things get too out-of-hand? That’s where we come in. Let us tackle the behind-the-scenes tasks so that you can focus efforts on guiding your team to success.