Loving Your Books
February has long been known as the month of love. In continuing with that theme for this month's newsletter, there are many ways that love is a component of having a small business. It is the most important necessity when it comes to having your own business. It is because you love what you do that you are able to invest tireless amounts of your time, energy and money into your small business. Without that love and passion, it would be incredibly difficult to achieve the business success you desire in your business.
There are many hats that we wear as small business owners and we don't necessarily have love for all those areas. One of the hats that you may not love is the accounting hat for your business. There are ways to increase that love and decrease the overwhelming nature of having to handle the accounting portion of your business. Here are some ways to increase the love:
Do not put off taking the time to reconcile your books monthly: this lessens the load and assures that your books are done correctly when the transactions are still fresh in your head.
Be sure all transactions are done using your business bank account: this assures all your business finances are in one place and easier to track.
Do not mix your personal and business transactions, keep them separate: this is a key business practice that should be followed.
If you have cash transactions, be sure to have a receipt: this is proof of the business expense.
Use some type of financial system right from the beginning: this assures easy tracking and less headaches during tax time.
Invest in a bookkeeper/accountant: this eliminates the load, calms the anxiety, and allows you to put the love into the hats you do actually love to wear in your business.