Conquer Your Bookkeeping In 2016

Posted by on Jan 26, 2016 in Blog

Conquer Your Bookkeeping In 2016

For many of us, the task of bookkeeping is way down the priority list, constantly being put off until we, begrudgingly, have to sit and focus on it.

It happens for any number of reasons; there are more important things to do, it’s time-consuming, it’s frustrating, it’s annoying, it’s confusing, and it’s just not much fun at all. As a result, the bookkeeping builds up, and we find ourselves more frustrated, confused, and overwhelmed.

Worse, the task is now going to take hours up hours, possibly an entire day or more, to complete. It gets to the point where it becomes urgent, and you become grumpy and not very pleasant to be around. You vow never to let it get this big or bad again.

So how do you manage this?

First and foremost, you have to make it a priority. No, it’s not fun, yes there are probably more exciting things you could be doing. Think of it this way; that day you’re inevitably going to have to spend doing it, couldn’t that day be spent being more productive and enjoyable?

Schedule It

Right now, decide that it’s going to be one of this year’s business priorities. Grab your diary, calendar or other organiser and schedule it in. If you use to-do lists, add to your “must achieve” list at least fortnightly, if not weekly.

Block out time – your sacred bookkeeping time.

Sort It

Hopefully, as we’re just starting out a new year, you’ve got yourself up to date with everything. Have a think about how you’re storing and saving your information especially your invoices and receipts.

Much of this can now be done online, or on a desktop or laptop at the very least. There are apps, for example, that can store your receipts in one place, simply by taking a photo of them.

Now is the time to set yourself up for the year. Organise your folders – both physical and in your documents folder on your computer into some kind of system.

Simplify It 

Have a good look at how you’re doing your bookkeeping at the moment. How are you recording details? Where are you storing information?

Take a look online and see if there is a simpler software or process you could be using. Find one that suits your business needs, and ideally, one that allows you to store receipts, and invoices both in and out in the one place.

Most software will automatically calculate things like taxes, wages, and other formulas required for taxation and profit-loss reporting requirements. They also offer cloud-based storage, which means you have a backup if your PC crashes, and which can easily be accessed by your accountant.

Back away from the ledger or the Excel spreadsheet and simplify the process for yourself.

Start It

Start it today, right now, even. Get yourself sorted, find a simple method, and just do it. Putting it off can just snowball the situation.

If you do find, however, that bookkeeping is a constant battle, then give us a call. Remember bookkeeping is our specialty.