Many freelancers and small business owners might be great at their craft. They provide their clients and customers with the best products and services. They can also be good at selling too. However, they can fall short when it comes to the financial aspects of the business such as invoicing. Dealing with business finances isn’t part of the business plan for most.
Below are tips from Fair Figure to help you with your business finances.
1. Letting The Bank Do The Hard Work For You
How you are going to set up your banking is going to be important when it comes to staying organized. You should try to have a separate credit card and checking account for your business expenses. This is going to make things easier for you because you can easily track expenses for a given period of time then save the PDF file.
If you want to have a physical copy, print out the document and have what you need in hard copy. You can access it through the bank. If you don’t know how to get information, talk to the bank because they have people who are going to help you with the process.
2. Capturing Receipts
You should stay on top of your business expenses and make sure you save receipts. A good way to do that is through the Shoeboxed method. This method will help you store and keep track of the receipts. You can stay on top of your business expenses while saving your receipts in digital format.
When you have your receipts saved this way, it makes things easier when reconciling the books in QuickBooks. You will be able to do it fast with ease.
Another option for capturing receipts and recurring expenses and bills is using Hub Doc. It is great because it is going to sync with your QuickBooks or Xero.
3. Tips For Entering Receipts
There are many ways of automating expenses and receipts directly to accounting software. A good option is using an American Express credit card that you are going to link up directly to debit or credit cards using Expensify and Quicken.
If you are using a spreadsheet not connected to accounts, you have to enter the receipts manually. If this is the case, it is a good idea to enter these weekly instead of monthly or quarterly.
You can set aside 30 minutes a week to do this. This can seem a little hard at first, but it gets easier with time. it is going to be part of your financial routine in no time.
First-Rate Finances Final Thoughts
Keeping up with you company finances isn't always easy. Keep these 3 above-mentioned tips in mind to improve your business budgeting, bookkeeping, and accounting.
