Bookkeeping is no
Managing your appointments is already a pain in the ***. But as soon as you stop handling it immediately, you will feel see a direct result; Double bookings and no-shows are instantly raising your stress levels. Bookkeeping works differently. It feels more like a long term game. Nothing is on your mind till the end of a quarter is nearing and: BOOM the stress levels that you experienced from managing your appointments feels like nothing compared to your bookkeeping.
In this article...
We have written down 6 tips to help you to prevent feeling last minute stress when you have to fill in your bookkeeping again. And as you can imagine, the art of stress-free bookkeeping comes with organization and consistency.
Organization is Key
We've all been there: a desk cluttered with receipts, invoices, and myriad financial statements. While it might be tempting to deal with them "later", it's essential to have a systematic approach to categorize your financial documents. Consistent organization not only eases the financial review process but also prepares you for unforeseen audits or financial checks.
Separate the Personal from Professional
One golden rule stands the test of time: Never mix business with pleasure. This applies to finances too. Ensure you have separate bank accounts for personal and business transactions. Combining the two can muddle accounting records, hinder accurate tax deductions, and even put your business's legal standing at risk.
Promptness in Payments
The mantra for effective cash flow management is to handle invoices promptly. Whether it's making payments or chasing up unpaid invoices, consider setting a specific day of the week dedicated to this task. Tools like Vev can revolutionize this process, offering automated reminders for customers and even options for advance payments.
Periodic Reviews are a Lifesaver
It's a common pitfall – only revisiting the books during the tax season or at the fiscal year's close. Implementing regular check-ins, such as monthly reviews, can offer insightful glimpses into your business's financial health. And if you're using platforms like Vev, the automated sales reports delivered at the start of every month can serve as a reminder for these checks.
Stay Abreast with Tax Laws
Tax codes and obligations can be a maze, often updated and intricate. A crucial tip from experienced bookkeepers: Stay informed. Many business owners unknowingly overlook certain tax obligations, which can result in missed deductions or hefty non-compliance penalties. Regularly updating yourself with industry-specific tax information or collaborating with a tax professional can keep these woes at bay.
Make your life a little easier
You are probably reading this article because you already make use of an appointment or booking system. Do yourself a favor and do the same for your bookkeeping. Using endless spreadsheets or handling all your bookkeeping physically, will cost you endless painfull hours. Is your time worth paying for a small bookkeeping service that saves you all that painfull work? That’s a question you should take into consideration.
Successful bookkeeping is a blend of discipline, organization, and leveraging the right tools. As you navigate the entrepreneurial journey, remember that a robust bookkeeping system not only provides clarity but also empowers you to make informed decisions for your business's future. Good luck and use Vev’s monthly export function to implement your earnings in less than 10 minutes..!
In this article...
Create your page in 3 simple steps
Find your profession
Choose from over 200 example businesses.
Click around to see how Vev works.
Customize your page
Add photos, descriptions and set your pricing.