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Tips To Stay Current on Your Bookkeeping

You load up your Quickbooks file. It's back in January? But that was six months ago! Running a business takes a lot of time. It's easy to fall behind on things like bookkeeping. It's much worse if you're also falling behind on things like vendor payments and tax filings.

Let's take a look at some important tips to stay current on your bookkeeping.

Set up a monthly or quarterly schedule for bookkeeping.

This can be as simple as setting aside an afternoon or evening once a month to update your books. Or, if you have someone who does your bookkeeping for you, make sure they are coming in regularly to stay on top of things and send them all their documents in time to keep on schedule.

Keep copies of all your paperwork and records.

This seems like a no-brainer, but it's important to keep track of everything that comes in and goes out of your business. This includes things like invoices, receipts, vendor payments, and tax filings. If you don't have these documents, it's easy to get overwhelmed and put things off.

Stay on top of vendor payments.

Make sure you are paying your vendors on time and keeping track of what you owe them. This can be a tricky balance, especially if you have limited funds coming in. But it's important to maintain good relationships with your vendors, as they can be crucial to the success of your business. The better your bookkeeping is, the better you'll be able to manage your cash flow and get those vendors paid on time.

File your taxes on time.

This is another area where it's easy to fall behind. But if you're not keeping up with your bookkeeping, you may not be aware of what tax deadlines are coming up. Be sure to stay on top of it by planning ahead and scheduling regular meetings with your accountant or bookkeeper. The reality is that if you don't pay your taxes on time, they'll just cost you more because of the fines and penalties they'll accrue.

Go digital as much as you can.

The more paper files you have, the harder it can be to keep track of everything. Try to go digital as much as possible, using cloud-based accounting solutions and software that automatically updates your books. This will make it much easier to stay on top of things and minimize any potential bottlenecks or delays.

Invest in the right software.

If you're struggling with an Excel sheet, it's no wonder that you can't keep up with your bookkeeping. Invest in an accounting system like Netsuite that will keep all your information organized and consolidated. The cost of the software will be well worth it relative to the amount of time your bookkeeping will take otherwise.

Automate what you can.

There are many accounting software solutions out there that can help you automate your bookkeeping tasks. This can include things like invoicing, payments, and receipts. Automating these processes will save you time, reduce overhead costs, and minimize the potential for human error.

Outsource complex processes like payroll.

If you have a lot of employees, it may not be possible to do payroll yourself. Instead, consider outsourcing this task to an external accounting or finance professional. This will ensure that your payroll is always up-to-date and accurate so that you can focus on growing your business rather than worrying about bookkeeping tasks. Even if you aren't thinking of outsourcing all your tasks, payroll is one task that it's almost never worth it to do on your own.

And finally...

Consider delegating your bookkeeping.

If you don't have the time or resources to keep your books up-to-date, consider hiring an outside bookkeeper or accountant. There are many professional service providers who can help you manage your books and ensure that everything remains organized and accurate. They'll be able to save you money by helping you avoid late fees, fines, and penalties, and by ensuring that your cash flow and projects remain accurate.

Whatever strategies you choose to stay current on your bookkeeping, the important thing is to make sure it gets done on a regular basis. Sometimes, it's just not feasible to do your bookkeeping on your own. That's where an accounting service can help.

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