Running a business is never easy. It will be beneficial for a business to be as organised as possible when it comes to the financials. We all know that accounting and bookkeeping have been considered as maligned tasks faced by small business owners. Therefore, to make your life easier, we've listed the top 3 accounting hacks you need to know to make bookkeeping painless.
Hack # 1: Keep receipts immediately
This hack can really change your life as a business owner. Having records of all your expenses can really be helpful as it will make your bookkeeping easier. One good idea is to have an accounting software that will allow you to take photos of receipts and will automatically attach them to the expenses tab of the bookkeeping. You can, later on, categorise them immediately. This method can also prevent the receipt from becoming eligible as it will preserve your receipt. Sometimes, receipts will fade through time, and by the time you will need it, it’s not valid anymore. It is advised to take a picture of it and save it with your existing accounting software. If ever your existing accounting software does not offer this functionality, an alternative is to scan the receipt and save it to your desktop. But there are also a number of apps available in the market today that can store the receipts of your receipts both online and offline.
Hack # 2: Reconcile every week
Reconciling weekly can be a bit tiresome sometimes. But this habit can get you into good hands. We always know that business owners often procrastinate over bookkeeping, knowing that it is an easy job. Therefore, to make this task a little bit easier, it is recommended to set aside an hour or two to reconcile. In this way, you can easily spot errors as close as to the time it happened. It will also prevent critical problems to arise. By reconciling weekly, you can also see late payments from clients. You can then take note of these late payments so that you can make follow-ups.
Hack # 3: Hire a VA
If you really despise numbers and cannot stand facing your books day by day, it will be a good idea to hire a bookkeeper. It is also a good answer if you do not have the time to keep an eye on your books. By hiring a bookkeeper, you can free some of your time to take care of other things. Be sure to hire a good bookkeeper, someone you can trust.
In Eclat Accountancy Ltd, we offer a wide variety of services for the benefit of our clients. You can easily get a bookkeeper for your business without wasting time in looking for an experienced one. In Eclat Accountancy, we can guarantee the timely submission of all accounts which will help your business grow! Just click here.