4 Tips for Organizing Your Business Financials (and One Tool That Will Really Help)
Organizing your small business financials doesn’t have to be a daunting task. By following a few simple steps, you can create a system that works for you and your business.
Step 1: Take Time to Plan
Decide what information you need to track and how you’re going to track it. There’s no right or wrong way to do this—it all depends on what’s best for your business. Create a budget and track your expenses using a spreadsheet or app. This will help you stay on top of your spending and make sure you’re not overspending on unnecessary things.
Step 2: Separate Your Bank Accounts
Setting up separate bank accounts for your business and personal expenses. Keeping business and personal accounts separate will help you to see what income and expenses are truly for the business and provide valuable information to make decisions.
Step 3: Reconcile Your Accounts
Start reconciling your accounts on a regular basis. This will help you keep track of expenses and income and ensure your books are up to date.
Step 4: Create a Bill-Paying System
Put together a bill-paying system that works for you. This may involve setting up automatic payments or simply creating a list of bills to be paid each month. There are several software programs that can help with this—Bill.com, Veem and Melio are just a few.
By taking the time to organize your small business finances, you can save yourself time and money in the long run.
One Tool in a Sea of Many to Help You Get Organized
QuickBooks Online is a great tool for small business owners who want to get their finances in order. QBO can help you track expenses, reconcile your accounts, and create a bill-paying system that works for you.
QuickBooks Online can also help you plan for your future by creating financial projections, developing budgets and tracking your progress over time. It is a powerful tool that enables you to take control of your finances and run your business more effectively.
Not sure you want to try it alone? Reach out to us we can evaluate your business needs and recommend the right QuickBooks Online subscription. We can also provide training to get you started organizing your business.