Keeping track of expenses is an essential part of business, as it helps you to stay on budget and ensure that important payments are calculated correctly. Many people find bookkeeping time-consuming and complex. Fortunately, there are many ways to make this task less of a headache.
Take a course
Taking a course can sometimes be a worthwhile investment as a new business owner. There are accounting short courses out there that can teach you everything from filing taxes to managing your payroll. As well as in-person courses, there are also online courses that could allow you to learn the ropes whilst juggling other commitments. Look into reviews when choosing a course to check that it is led by someone who is qualified.
Use accounting software
Accounting software can help to automate a lot of your bookkeeping, saving you huge amounts of time. Such software can also help to clearly organise your financial records in one place.
There are lots of different programs out there suited to different types of business. Consider your budget and your needs. You may be able to get away with using a free accounting program if your expenses are fairly basic, whilst a larger company may need a much more complex software package. The most popular programs have the advantage of being constantly updated and having lots of add-ons – this makes them a secure and adaptable option. You can download free trials, read reviews and watch online tutorials to get an idea of which software is best suited to your needs.
Hire an accountant
If you want to avoid bookkeeping altogether, you could always delegate the entire task to someone else.
Many small businesses outsource an accountant to help with their bookkeeping – this could be simply for filing tax or for general bookkeeping. There are lots of accountancy firms and freelance accountants out there to choose from. Shop around to find someone whose services are within your budget. It’s also important that you trust them – it can sometimes be worth opting for a chartered accountant as they will have had to pass extra screening tests to ensure they’re adept and qualified.
Another option could be to hire an in-house accountant to join your team. This is only worthwhile if you have a lot of bookkeeping to keep on top of, unless you’re able to hire them part-time or on a temporary basis. When hiring an accountant to join your team, make sure that they have relevant qualifications and experience. Trust is also important as they will be handling sensitive financial information. Make sure to put in place screening processes during the recruitment stage.