That sounds VERY intimidating, doesn’t it?  It’s much easier than you might think though.  There are a few KEY steps you need to take this year to make it your most efficient, organized and least-stressful to date!  If you aren’t already doing these few things, I highly recommend getting them implemented ASAP.

Don’t mix Business and Personal

Sure, I met my husband at work and many people are closest to those they work with day in and day out.  And relationships are great! They’re a vital part of every successful business.  But keep your Business Money and Personal Money completely separate.  It will save you, your bookkeeper and your accountant countless hours of confusion and potential errors.  It’s just best practise and for very good reason!  Don’t make personal purchases with your business credit card or debit, and vice versa.  It really muddies the water and you could be missing out on expense claims around tax season !!   

Get yourself some solid accounting software

Don’t pile up receipts in a box all year long, waiting for the last month or so before year end to dump the pile on your accountant.  That will cost you A LOT of money and will leave you totally out of touch with what’s going on in your business.  Save yourself the headaches and that dreaded box of doom – try out one of the many incredible cloud accounting softwares available out there.  Most are very user friendly and have a lot of training available on their websites so you can get your records in order. For example, Quickbooks Online and Xero have predictable, monthly subscriptions and you can work on any device from anywhere and they also have handy accountant referral directories on their websites so you can get help when you need it, from people who have gotten certified in their software – so they know their stuff!

Never be afraid to ask for Quality Help

So we don’t all love numbers, statements, tracking profitability and watching all the dollars and cents.  But for a business owner it is a necessity, and those businesses that take the leap to get help when they know they need it are proven to be more successful in the short – and long – term.  Many business owners feel they need to do it all, and I get it – keeping costs low when you’re getting your business off the ground is crucial.  However, if you consider the benefits of outsourcing a quality bookkeeper for your day to day needs and that accountant for your bigger concerns, they far outweigh the costs of services that you really don’t have the time to focus on.  It’s important to know where your numbers stand – and good communication with your chosen service provider will do that.  It is also key that you focus on building your business and making well-informed decisions when deciding on renting space, hiring employees, purchasing equipment or inventory, etc.  

If you take the steps outlined above, I am positive you will feel well organized and in the driver’s seat of your company’s finances.  It can be so daunting and intimidating, scary and cumbersome to think about your business when you don’t know where you’re at.  Once you get that cleaned up and taken care of your finances can be fun and more importantly, healthy !