Getting your Bookkeeping organised before a holiday break
If you’re anything like most small business owners, the weeks leading up to a big break usually involve two things:
- Stress at the thought of having to get the more tedious small business tasks completely organised and ready for that fresh start on return you’re hoping for - the kind without backlog!
- Spurts of excitement at the thought of a well-deserved break (and a good spoonful of indulgence)
If you can relate (especially to that first one that just won’t seem to go away), then ‘tis the season to get meticulous!
How does one do this?
- Spend some time categorising your records using a coding and filing system. This also aids quick retrieval. Ensure that you have separate folders and files for each quarter (this helps you track your small business growth and also assists with forecasting).
- Make sure you are only using your separate business bank account and credit card for business expenses and your personal accounts for personal expenses. Getting the two mixed up over the spending season is a common trap. Avoiding it will simplify the task of getting your bookkeeping up-to-date and correct.
If getting on top of all your bookkeeping in a hurry seems all a bit painful and too much for you to handle right now, fret not, you have options! Many small business owners are outsourcing their bookkeeping and thus freeing up more of their precious time. This means that they can:
- Spend more time doing what only they can do within their business (and thus improve productivity and profitability) , or
- Start their well-deserved holiday a tad early.
Whatever book keeping path you choose, remember that a stress-free holiday is often a great investment in the following year’s success – enjoy it!
What bookkeeping challenges have you encountered in the last 12 months and what did you do to overcome them?