Running a business isn’t easy, especially when you must keep on top of your finances. It can be stressful and time-consuming, leaving you little room to focus on driving your business to success. So how can you manage your books efficiently whilst staying on top of things and still be able to manage other aspects of your business? This guide is here to help you make the first steps towards organising your books and taking that unnecessary pressure off your shoulders. Below we explore the question ‘How do I manage my books?’
Have an accountant manage your books for you
Having someone there, keeping on top of your finances will greatly alleviate the stress you may be feeling doing it all alone. Not only will you never fall behind on your finances again, but you will always know exactly where you and your business stands. You see income and expenses as they happen. This will also provide you with the power to make better decisions for your business as you have someone doing the numbers work for you setting out all available information. This allows you to focus your time to other areas that need managing.
Use accounting software such as Xero
Xero is a cloud-based accounting software for small businesses that performs bookkeeping functions. For example, it can do things like invoicing and payroll alongside an auto chasing system. This allows you to keep on top of your finances whilst staying in control. It features a dashboard that provides a clear financial overview of your business that is accessible anywhere anytime. Software like Xero and Quickbooks are there to take the stress off your record keeping.
You must remember to keep receipts and invoices. Ensure they are uploaded to your software so you can keep track of profit and losses!
Getting your head round accounting software can be difficult. Therefore, you may consider reaching out to companies that help you with your bookkeeping. They understand the software and can do it for you.
And that’s where we come in.
Wondering, ‘How do I manage my books?’ Reach out to us here at McCarthy Browne
We understand keeping on top of your accounts can be a tricky thing to do amidst the rest of your business responsibilities. As certified Quickbooks ProAdvisors and certified Xero advisers we are here to help your business succeed. We provide bookkeeping packages that will take the weight of your finances off your shoulders. We balance the books, so you don’t have to.
Now you know how to manage your books, it is important to understand why it’s so crucial to stay organised with your finances through bookkeeping.
The legal side of bookkeeping
Through bookkeeping, you can make sure that you are on the right side of legal matters. This is because through bookkeeping, you can record all your financial documents, incomings, and outgoings. This helps when it comes to paying corporate and personal tax. Without the appropriate bookkeeping, you may find yourself struggling to file an accurate tax return.
Have you found yourself scrambling through your desk, hunting down missing paperwork before? The paperwork that is vital for your tax return? Having a bookkeeping function within your company eliminates this issue and allows you a stress free return each year.
How will bookkeeping help my business succeed?
Better cash flow
The routine recording of expenses, incomings, liabilities, and revenues will allow you to precisely track when your customer invoices are paid. Having all this information will enable to you to implement better cash flow policies within your business.
Provides a snapshot of your business
Bookkeeping provides important information in the form of financial statements such as income statements and balance sheets. Together all these collective pieces take a snapshot of your business allowing you to gage how well you’re performing and allow you to take the appropriate steps to drive forward success.
Peace of mind
As a business owner disorganised books can sometimes place an extreme pressure of your shoulders and weigh on your mind a lot. With all the other factors of running a business, your bookkeeping should not be something that creates additional stress. That’s why staying on top of your books will give you that much needed peace of mind.
If you feel you are struggling with your finances, contact us here at McCarthy Browne today! We can help you begin to eliminate that stress and start organising your books, enabling you to focus your energy on other elements of your business.