Part of being a successful entrepreneur is keeping on top of your records. But what do you do when, despite your best efforts, you find your records getting too much for you to handle?
Here are some tips on how to manage your record-keeping:
- Recognize when it’s time to bring in outside help. If you’re too busy or are having trouble understanding the ins and outs, hire a bookkeeper who knows their stuff. This way, you can focus on the immediate needs of your business while ensuring your financial records are taken care of.
- If you can’t hire outside help, invest in software that can help you by providing a layout, streamlining data and saving time for you.
- Top up your knowledge. You don’t have to become a financial wizard, but understanding the hows and whys of your records can reduce some of the confusion, thereby making sense of all the various forms and records you need to work with.
- Stick to a system. Disorganized receipts, invoices, and other records can spell disaster for a small business. Whether your record-keeping system is digital or not, find what works for your business and don’t deviate from it. You’ll be less likely to get lost if you find a system that makes sense to you.
- Break things down into pieces. You’re less likely to put off a smaller task than you are a large one – plus, it’s easier to understand. For example, if you have a mountain of receipts to organize, start off by categorizing them by date, and focus on getting this month’s receipts in order before moving on through the past.
Keeping good financial records in your small business can be intimidating, but getting out from under it isn’t impossible. Help with maintaining your business records is always available!
For more help with getting your financial house in order, check out our small business online training course!