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3 Steps to Get Control of Your Bookkeeping
LaVonne Shields, President, Bookkeeping on Steroids
It’s around this time
of year that most business owners realize that they haven’t reconciled their
bank statements in months and that there are statements, receipts and other
financial records piled on their desks or stuffed in drawers. It’s an
overwhelming feeling. You promised last year that you would get this under
control, but it just seemed like too much work! But now you wish you had
taken the time to do it.
Here are 3 simple steps that will really help you get control and maintain control of your bookkeeping.
1.) Use a computerized accounting system: Having an automated system is the key. Manually tracking your financial ins and outs is tiring and not inspiring. It’s time-consuming and no one wants to do (even if you pay them, speaking as a professional bookkeeper). So step #1 is to get and implement a system.
a. QuickBooks (the recommended system) – this program is used by most small businesses; it’s simple to use and integrates with several other systems that are part of your operations.
b. Back office system attached to CRM – a lot of online systems or industry specific software have an accounting system attached to them. They allow you to enter your expenses as well as track your sales.
c. Excel – the oldie but goodie; many banks and other systems allow you to export your transactions into Excel (or other spreadsheet software) which allow you to sort and subtotal your information.
2.) Organize records into 13 files: There is a place for everything. When items roam around your desk they become mental distractions that begin to create clutter in your mind. Below are the files you should have:
a. 12 monthly folders: You should have 1 file for each month of the year. At the end of the year those files are pulled and placed in a local or remote server along with your year-end financial statements and tax return.
b. 1 financial To Do file: You will place in this folder your current outstanding bills, and all receipts that have not been entered into your new automated system. Once you’ve paid the bills and recorded the receipts you then place these items in their monthly folder.
3.) Schedule the time to manage your finances: Many times that feeling of being overwhelmed comes from not knowing what is going on with your finances; you feel as though you are reacting to every financial situation by scheduling (actually calendaring) time to review your finances. You remain in front of all situations and can better plan how to manage your business. Think about it, you schedule when to follow up with prospects, when you meet with clients, and when you will attend networking events. As a result of these activities, you see the growth in your business. So it makes sense to schedule time to review your finances. You should block out 2 hours every 2 weeks, around the 1st and the 15th. This is just enough time to make sure all your accounts are up to date and be able to respond to anything that is off. During this time make sure all your accounts are up to date and the balances are accurate and then pay your bills (based on due date and priority). Be sure to schedule any automatic payments or deposits around the same time period.
Here are 3 simple steps that will really help you get control and maintain control of your bookkeeping.
1.) Use a computerized accounting system: Having an automated system is the key. Manually tracking your financial ins and outs is tiring and not inspiring. It’s time-consuming and no one wants to do (even if you pay them, speaking as a professional bookkeeper). So step #1 is to get and implement a system.
a. QuickBooks (the recommended system) – this program is used by most small businesses; it’s simple to use and integrates with several other systems that are part of your operations.
b. Back office system attached to CRM – a lot of online systems or industry specific software have an accounting system attached to them. They allow you to enter your expenses as well as track your sales.
c. Excel – the oldie but goodie; many banks and other systems allow you to export your transactions into Excel (or other spreadsheet software) which allow you to sort and subtotal your information.
2.) Organize records into 13 files: There is a place for everything. When items roam around your desk they become mental distractions that begin to create clutter in your mind. Below are the files you should have:
a. 12 monthly folders: You should have 1 file for each month of the year. At the end of the year those files are pulled and placed in a local or remote server along with your year-end financial statements and tax return.
b. 1 financial To Do file: You will place in this folder your current outstanding bills, and all receipts that have not been entered into your new automated system. Once you’ve paid the bills and recorded the receipts you then place these items in their monthly folder.
3.) Schedule the time to manage your finances: Many times that feeling of being overwhelmed comes from not knowing what is going on with your finances; you feel as though you are reacting to every financial situation by scheduling (actually calendaring) time to review your finances. You remain in front of all situations and can better plan how to manage your business. Think about it, you schedule when to follow up with prospects, when you meet with clients, and when you will attend networking events. As a result of these activities, you see the growth in your business. So it makes sense to schedule time to review your finances. You should block out 2 hours every 2 weeks, around the 1st and the 15th. This is just enough time to make sure all your accounts are up to date and be able to respond to anything that is off. During this time make sure all your accounts are up to date and the balances are accurate and then pay your bills (based on due date and priority). Be sure to schedule any automatic payments or deposits around the same time period.
Are your books ready for 2013?
If your accounts haven’t been reconciled
If you haven’t seen a Profit & Loss Statement in months
Then the answer is NO!
If you haven’t seen a Profit & Loss Statement in months
Then the answer is NO!
I can help!!
Call NOW for a FREE consultation (866)380-0745
or send an email to lavonne@bookkeepingonsteriods.com
Call NOW for a FREE consultation (866)380-0745
or send an email to lavonne@bookkeepingonsteriods.com
Not your stereotypical bookkeeper.
LaVonne Shields—the fun financial professional!
“I don’t just help you with your numbers. I help your numbers to help you build your business,”
Armed with a bachelor’s degree in accounting and more than 12 years of professional experience, LaVonne goes beyond maintaining the books. She educates clients on interpreting financial language and helps them to employ business strategies that make good business sense. As a certified QuickBooks specialist, she has mastered the software and knows its nuances and how to maximize its features. In fact, she uses QuickBooks as the basis of her Bookkeeping on Steroids service.
“I don’t just help you with your numbers. I help your numbers to help you build your business,”
Armed with a bachelor’s degree in accounting and more than 12 years of professional experience, LaVonne goes beyond maintaining the books. She educates clients on interpreting financial language and helps them to employ business strategies that make good business sense. As a certified QuickBooks specialist, she has mastered the software and knows its nuances and how to maximize its features. In fact, she uses QuickBooks as the basis of her Bookkeeping on Steroids service.
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