Being in business is awesome. Having the opportunity to run your own business—or to run a business with a group of people—is an exhilarating chance to take control of your future. Rather than just punching a clock, you have a chance to work hard for something you believe in, and hopefully reap the financial rewards at the end of the day.
Bookkeeping, on the other hand, sucks. Of course, bookkeeping is an integral part of business. You won’t be in business for long if you don’t keep accurate and detailed financial records. Whether it’s real estate bookkeeping or accounting for restaurants, this aspect of your new business requires some serious consideration.
But let's not pretend like this is the fun part. If you know someone who says they like bookkeeping, they are probably lying. And if they are telling the truth, you probably don’t want to be their friend. Bookkeeping is hard work, plain and simple.
At least, it used to be.
Thanks to improvements in modern technology and a bunch of smart people with too much time on their hands, there are now ways to streamline your bookkeeping operations. At last, bookkeeping doesn’t have to be a serious pain in the you-know-what. When done correctly, bookkeeping can now be quick and easy, so you can focus on the parts of your business that you actually enjoy.
With that in mind, let’s take a look at five steps that you can take to streamline your bookkeeping operations.
#1 – Establish Specific Categories
What happens when you spend money on business-related expenses? Does the receipt just get tossed into a shoebox only to be rediscovered at the end of each month? If so, you could save some serious time and headaches simply by designating categories for all of your expenses—and then entering your receipts into the appropriate category on an ongoing basis. This is a simple step to take, but it can go a long way toward making your bookkeeping easier and more accurate as well.
#2 – Keep Up
It is tempting to fall behind on your bookkeeping chores, especially if you have a number of other duties to tend to as part of running your small business. Unfortunately, falling even a few days behind on bookkeeping can lead to a major time drain at some point down the line. If you are unable to keep up on your own, it would be wise to retain some help. A healthy business always has their financial records in order. That isn’t going to happen if you aren’t doing the bookkeeping regularly.
#3 – Connect with Your Bank
As any bookkeeper will tell you, reconciling with the bank statement each month is one of the most time consuming—and annoying—parts of the job. Thankfully, technology is one step ahead of the game in this department. Instead of getting a statement in the mail and going over it line by line, work with your bank to integrate your account information with your bookkeeping software. What used to take hours can now be done with the push of a button.
#4 – Create a Culture
Whether your business is comprised of just a few employees, or you have large departments with hundreds of workers, you need to get everyone on the same page from an accounting perspective. The culture within your business should respect the importance of bookkeeping. This means that employees are submitting accurate expense reports in a timely manner.
#5 – Turn It Over
At some point, the bookkeeping for your business is likely going to become too much to handle. Instead of falling farther and farther behind, turn the job over to a service like Botkeeper that can do the job for you. At Botkeeper, we have leveraged the most up-to-date technologies to create a system that handles your bookkeeping needs from start to finish.