Bookkeeping 101

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Bookkeeping can be overwhelming for a business owner who already has to wear many different hats to run their business.

I have a few suggestions to help you become a successful keeper of your financial documents:

  • Have separate bank and credit card accounts for business and personal – and don’t confuse them! If you follow this simple rule, you will ensure that all of your expenses and income are calculated correctly. If you can’t remember which debit/credit card is for business write on it with a black permanent marker.

 

  • Put all relevant receipts in the same place with your bank and credit card statements, I suggest either a file folder for each month or an expandable file folder.

 

  • Use accounting software that fits your needs, shop around – not all software is the same and sometimes you don’t need all the fancy options with the added expense.

 

  • Keep up to date on your bookkeeping, set aside time on your calendar to sit down and enter your expenses into your chosen accounting software – there is nothing worse than the large pile of paperwork to be entered with a HST deadline looming in the near future!

Being organized and on top of your financial picture will ease your stress levels and give you more time to either make more money and spend time doing the things you love!