As getting into a trade requires you to work with your hands, we know that you love to do things with your hands and thus might be inclined to do a bit of bookkeeping on your own.
Adding this to a long list of things to do after pulling up some pipes, painting out houses, wiring some lights would be enough to make you pull your hair out. We know however to get things in order for your business, take care of your business and stay in business, some bookkeeping has to be done.
It would take you a less amount of time if you get things organised, it is important to put a healthy bookkeeping habit in place.
Below are some of the basics to give you a good start.
Talk to a Professional
You need some input first from an accountant, a bookkeeper and other Tradies who have done the same. If you can’t get advice for free, don’t consider the fees as an annoyance or an expense, rather a proper investment to keep your business on track.
They can advise you on the types of forms, reports and other documents which need to be completed, and when they’re required, so you’re clear on your responsibilities. A few of their suggestions would just pay dividends in the long run.
Stay involved even if you outsource
It is always good to let the professionals do what they do best, there is a minimal cost to outsource your bookkeeping and this would help you also stay organised and reminded.
You need to know what’s going on with your business and if there are any potential problems, like cashflow or legal issues. An honest bookkeeping service would set you up for success.
Organise your paperwork
We know that as you grow your business, paperwork also piles up. It is important to keep them all as you might just not know when you’re going to need them. In case of a quick audit of the tax department, you have them ready in a jiffy.
You can also use this to review what works and doesn’t work over the years. Do your best to organise them in a simple, easy to remember way, a good filing cabinet and nice colorful folders will do wonders for your organizing.
You can also scan these documents and have them organised by your outsourced employees and make them available anytime on the cloud. It would also save you some of those cabinet space.
Use Technology to Stay Efficient and Consistent
A good bookkeeper uses the latest technology to make sure you get what you need done quickly and efficiently. We suggest you get reliable accounting software and better yet, allow your bookkeeper to give you access to their system as well if they have it already setup for you so that you are aware of everything.
Software like these have features like inbuilt receipt scanning and document management which make it very easy to handle expenses, receivables and can be set up to send automatic reports and detailed information straight to you, your bookkeeper and your tax agent. Less hand lifting if we may say.
A good bookkeeper can keep you organised and even then you still need to at least double check some of the work as it is always best to check for details if they are correct. A trusted bookkeeper will allow you to think less about these in the long run.
We know that seems like an added burden to your business, but with the right system, technology and people around you, it would be less of a hassle and will allow you to focus on what matters most. Your Business and Family time! Contact Us