Should you be your own bookkeeper? Learn what it takes to be in charge of your own finances.
You have your own business. You’re a proud entrepreneur. You’re making a positive impact in the world. But how about the impact in your own business.
There are a few things to consider before thinking about being your own bookkeeper:
- Do you have some knowledge of finance
- Can you be diligent and organized
- Is it cost-effective
- Do you have the time
The most important aspect is the time. Everything else can be learned.
If you answer yes to all 4 questions, keep on reading for some tips on how to get started!
First, read our very own “7 Bookkeeping Tips for Entrepreneurs“, that’s a very good starting point.
- Choose your system to track your expenses: It can be a simple spreadsheet (check our template shop), a notebook or a cloud-based system.
- Keep the receipts somewhere: it can be a bin, picture on your phone, a file on your computer. Make sure you have it.
- Choose your system to track your income: Keep the money coming in. Make sure you know when and from where it’s coming from. If you’re a service-based business, don’t forget to send your invoices.
- Have your budget, and keep track of it. Change as needed.
- Know what your ”need” income is. This is the income to cover your business expenses and pay yourself.
- Make time to review your finances. It doesn’t need to be every day, nor every week. Once a month will suffice.
You can always work with a finance professional to help you optimize the deductions you can use for your business.
If you want to be your bookkeeper – we know you can do it! All you need to do is: be diligent, be organized. That’s it!
If you’re looking to outsourcing or to learn a little more DIY your bookkeeping, contact us for a free consultation.
We can’t wait to hear from you and be a part of your journey.