We know keeping a constant track of your finances can be a struggle.
As a business owner, keeping a constant track of your finances can be a struggle and become a hassle if you wait too long. Setting time aside each month to check and update your books is the best way to save you and your tax preparer time when tax season comes around.
As people, tasks can sometimes become difficult for us, especially if we know the job can be delayed or put on the back burner for a while. As business owners, finances may be one of those things we put aside and just deal with at a later time. But we all know things always come back to bite us if we aren't careful and manage things on time.
In light of this struggle, I have prepared a list of good habits you should develop over time to help you manage your books.
Reviewing Your Transactions
Always make sure you are checking your transactions under your bank feed. This way, you are always confident of the transactions made and ensure no accidental or unnecessary charges are being made to your accounts. An excellent way to maintain your bank feed is to keep track of any standard recurring payments made. This way, your review time is reduced to a few minutes max!
2. Keeping Track of Receipts
Always keeping track of your receipts will make your life 10 times easier come tax season. Think of it as slowly putting in the work over short periods, so come tax season, everything is entered into the system. Trust me on this. You will thank me later.
3. Reconciling Accounts
When reviewing all your accounts and ensuring your QBO remains connected with your bank account, your reconciliation should come back as complete. At that point, if on the off chance it is not done, any discrepancies are found early, and you have time to resolve them.
Keeping these three habits in mind when managing your books is an excellent start to keeping your records updated. If these simple tasks overwhelm you, give us a call, and we can happily handle your monthly bookkeeping. Remember to like, comment, and stay tuned to new blog posts. Well, see you next time! 👋🏾