A wise person once said “For every minute spent organising, an hour is earned.” We know time is money so we focus on putting processes in place that keep us, and our clients on the right side of the line in terms of business and finance organisation.
We’ve had lots of experience helping small business owners, so we’re only too aware of the headaches that accounting can cause for many. It’s one of those tasks that you don’t necessarily take into consideration when you decide to run your own business, and yet it can take up much of your valuable time.
But for all of you that feel you spend too much time keeping your business finance accounts in order, there is hope, and it all begins with organisation.
Here are 3 simple tips that we know will help you get your business accounts in shape:
- Don’t mix business with personal – If you choose to use your personal account for business transactions, you’re asking for trouble. It just gets too confusing! Shop around with the banks to find out what facilities and terms they offer their business customers and choose a bank offering an account that suits your requirements. Once you have your business account set up, use it exactly for that and keep your personal account for personal expenditure. Transfer owner drawings from your business account as and when required.
- Avoid using cash – Cash might be king, but it really does muddy the waters when you’re trying to keep your business accounts organised. If you do need to use cash, then reimburse yourself using an expense claim this keeps your business transactions recorded and ensures that GST is accounted for.
- Keep your records and receipts – That doesn’t have to mean bulky piles of paperwork. There are many smartphone apps that will digitise and file your receipts on a cloud server. If you use Evernote, you’ll know it has capability for this. Other apps of note include Camscanner and Genius Scan.
Of course, the other thing you can do to get yourself organised, is call in a pro. If you’re starting out, one of our team members can happily help you with set up, so you get it right from the get-go and reduce headaches later! Get in touch HERE.