Use Accounting Systems to Streamline Your Finances
Dealing with the accounting aspect of your business is a necessary “evil” of being an entrepreneur. Whether or not you are a “numbers” person, keeping accurate records, billing your clients and paying your taxes are tasks that you will need to handle regularly in order to stay profitable.
These weekly processes can be simple if you set up a system to handle them. What is a system? It is simply a matter of documentation. A system is documenting the steps you take to complete a task. For example, when you get ready to bill your clients each month, you may tally up the hours/tasks you completed for them, compile a report, prepare an invoice and bill their credit card. What else do you do? What software do you use to track your time? Do you have a format for the monthly report? How do you prepare invoices? What steps do you take to bill their credit card? If you have systems for billing, you will accomplish this monthly task in a matter of minutes. If no systems are in place, it could result in hours of wasted time and much frustration. (You could be using that time to make more money in your business or take a well-deserved break).
Here are a few tips on creating systems around your monthly financial tasks that will save you precious time, money and sanity:
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