4 Tips for the Reluctant Small Business Owner to do their Bookkeeping

Are you one of many small business owners where the “thought” of having to do your bookkeeping makes seeing your dentist more appealing? 

You are not alone.

Many entrepreneurs and small business owners cringe at the thought of having to do their bookkeeping.

Here are some simple tips to master the accounting side of your business, even if you are not a maths person.

1. Find out how!

Bookkeeping at first glance may seem as if it’s overwhelming and let’s face it, anything you are not confident about does.

Many local schools, accountants and bookkeepers hold free information nights or reasonably priced hands on training.

Why not make the effort to take a short day course on bookkeeping basics?

The confidence you will receive will be worth it!

2. Pick the right software for you!

Balancing the bank statements by hand is not necessary and to be blunt, just plain crazy in this technological world.

There are many forms of online bookkeeping that you can use, anywhere, anytime via your laptop, smart phone or tablet.

As a business owner online bookkeeping will save you time, reduce mistakes, and automatically back-up your data.

Myob Essentials for example can be “linked” to your bank transactions automatically, email invoices out professionally, provide you with the flexibility to use on any device.

Watch Myob Essentials below

Or Xero with Receipt Bank can be used to free up even more time as a powerful partnership tool for your business, so you never have to do data entry ever again!

[ If you would like to set this partnership up in your business contact Amanda 0423463721 or email info@myofficebooks.com today!]

3. Be more organised

Spend time looking at your existing work habits and company workflow.

You can keep a folder with you to slide in receipts. or if you have a smartphone, use the dropbox app to take a photo of your receipts and file them.

Alternatively, if you are more old school use a “in tray” or even an envelope on your desk to store invoices and receipts in one place.

Old School or Traditional paper file record keeping

4. Lastly, Hire professional help.

They are too expansive!

I hear this one excuse all the time.

I can hear you thinking this loud and clear. However, you are wrong!

Technology allows bookkeeping to be more cost effective.

You can focus on a more automated compliance based service or a more personalized approach.

It will all depend on your budget and what you are looking for in a bookkeeper.

A good bookkeeper can set up a workable system for you to follow, efficently enter your data online and then give you basic training to do it all yourself.

Alternatively, you might be pleasantly surprised to find that our cost is not so expansive after all.

When you compare your increased productivity, removing the stress of not knowing your financial position and lastly having it all done, that feeling is priceless!

Contracting a “good” bookkeeper makes sense and increases the company’s chances of profitability.

There are also added benefits not currently thought about like:

• Spending more time with your family
• Enjoy more recreational activities
• Peace of Mind

Amanda Hoffmann

Amanda Hoffmann is a registered Tax Practitioner / BAS Agent No.18613005, Associate of Finance, Xero, Myob & Quickbooks Proadvisor / Trainer and a Consultant for the Australian Taxation Office.

She says she is more than just a bookkeeper with experience in real estate investing, social media, podcasting, blogging and recently recording monthly youtube episodes

Amanda loves to teach smart, easy online cloud solutions and fix messy bookkeeping. Follow her on social media and say “Hi”