Managing your small business’ finances can seem like choking down vegetables at the end of your meal: a chore. It doesn’t have to be. If you can set up a simple system to keep track of your finances, it will become part of a routine and will be less of a chore. The easiest way to do this, is to create a bookkeeping checklist to refer to throughout the week.
-Check your cash position:
The first thing you do everyday, should be checking your accounts and petty cash, and know how much you have on hand.
Even the smallest transactions need to be recorded!
-Document and Store Receipts
-Review Unpaid Bills:
Keeping track of when bills are due, and how much they each are, will help you stay on top of them and never miss a payment again.
-Prepare and Send Invoices:
Make sure you get all invoices sent out in a timely manner. Having a day set aside to get them finished and sent is a great way to stay on top of them.
-Review projected cash flow:
At the end of the week, review your finances and see where your calculations differed from reality. Try and pinpoint why there’s a difference, and adjust your budget, spending, and tasks for the next week accordingly.