The dream of being your own boss is about to become a reality. If we could give you one little piece of advice before you get too far along. Have your Sunshine Coast bookkeeping set up properly from the start.
The best practice is to do a class on small business bookkeeping so that you are aware of all the things that you will need to do to keep complaint with good business practices. While that might not be something that you have the time to do, the other thing you could do is hire expertly trained organization like
Balanced Bookkeeping and Business Solutions
to set up your software and all of your accounts for you.
If you are set on doing them yourself, then there are some items that you might want to remember.
Good record keeping
The first thing that you need to do is set up a space just for your business records. While the days of having a file cabinet in your home office might be overkill, you can get a small filing box to help you keep your records sorted. Believer or not there are still some things that you should have printed up and on hand. That being said, set up a cloud folder as well and save all documents off site. This is good practice in case there is a disaster and you lose the physical copies.
Also remember to keep your personal and business records separate.
This will save you a lot of headaches in the end.
Software
You could install software on your computer, but it’s safer and a lot of times more convenient to set up a cloud-based accounting system. This means that as long as you have internet, you have access to your records even when you are out in the field. It also makes sure that if there is a computer failure, your books are safe the mighty cloud.
Reconcile and Fix ASAP
It’s not glamorous, but as a small business it’s important to reconcile your business bank accounts quickly and often. This will mean that you keep on top of your finances and if an error comes up you can fix it right away. Even if it’s only out by $0.01, it needs to be fixed.
When in doubt, get a qualified organisation like Balanced Bookkeeping and Business Solutions to do your books for you so that you can focus on what you really want to be doing which is growing your business!
We keep the businesses of the Sunshine Coast growing!