For small business owners, constant refinement and improvement help keep the business turning a profit in a challenging marketplace. And one area every owner should try to make regular improvements in is their bookkeeping. What improvements might you make in 2022 to save time or better manage your money? Here are five ideas to consider.
1. Start Using Software
Do you still keep your books on paper? Whether it's an informal notebook with lists of expenses or actual ledger books, now is the time to go digital. Today's bookkeeping software is user-friendly, inexpensive to subscribe to, and compatible with just about any technology you use. Start today by asking for recommendations from your accountant or bookkeeper.
2. Automate Your Books
Today's business owner can let technology help them do a lot of the legwork of bookkeeping. Are you making use of this? Take advantage of things like automatic bill payment, auto-transfers, downloadable bank transactions, recurring reminders, and online invoicing. These can help you avoid forgetting any payments, reconcile your accounts, and reduce your paperwork.
3. Go Paperless
Make 2022 the year you join the paperless office. Start maintaining records in a digital format instead of printing. Use online billing to send and receive money. Scan documents and store them in a cloud-based storage system. Your office will be more organized, you'll save space, and your company will have backups in case of emergencies.
4. Hire More Help
A business owner falls behind in bookkeeping for many reasons. You may not be able to carve out the time or might not have the expertise. Perhaps you're overwhelmed by the job. Or maybe you simply procrastinate because it's no fun. Whatever the cause, consider making a smart choice and hiring more professional help. If you already work with an accountant, ask for bookkeeper recommendations. Work with a bookkeeper? Outsource additional tasks that you still can't quite get done.
5. Ask Your Bookkeeper
Not sure what you might do in 2022 to make your books better? Ask your bookkeeper or accountant for suggestions. Because they know your books, your tax situation, and your business habits, they can tailor recommendations to your particular needs. Ideas might range from better receipt maintenance to focusing on budgeting to improved security.
Want more ideas for making 2022 your year for improved bookkeeping and business finances? Start by meeting with an accountant or bookkeeper in your state today. With their help and your business acumen, you can start strong and keep it going all year long. Click here to learn more about bookkeeping.