Wondering about your business expenses, how to invest and manage your business? Nothing to worry, you are not the only one stuck in this conundrum. It’s always huge to maintain your expenses when all you can think about is how to manage all you are spending and everything you already spent.
It is substantial to find an accountant for handling and bookkeeping all your finances but sometimes it is difficult to find one who fits into your “This will be a perfect fit for my business” list. The reason may be the limited money you want to hire an accountant or the lacking skills in each one you hired or at least tried. Here’s a list of some of the ‘to do” essentials you can always shoulder on when you don’t have an accountant.
1. Know some of the basic business terms
I know it’s a daunting task but when you decide to dive into your financial management task yourself, you need to learn the basic concepts and who knows you will be a master in days. There are times when the buzzwords like gross revenue, expenses, net profit, and cash flow sound horrific even before you find the solution. So, having a brief knowledge about the accounting world will not only help you to find the solutions but also save you the charges of hiring an accountant. Moreover, a little extra knowledge never harms.
2. Distinct your personal and business account
We all have faced a situation where we paid the bill from our business card because we left the personal one at home. But this is not acceptable when you are talking about managing your finances. The single-handed rule to save your business finances is to separate your personal and business stuff whether it’s your credit card, debit card, online accounts or anything.
By separating the accounts you will be crystal clear about your expenditure and the mode of how you invest. To separate both accounts, you can keep all your business belongings to your office or less often carry your business cards. No magic will save your finances other than the distinction of your business and personal accounts. I guess you don’t need an accountant for carrying your cards right?
3. Monitor every penny you spend
Do you know what else can save you from that regular money squandering? Monitoring. Before you blame yourself for extra spending every time, question yourself if you monitored what you spend each day. None of us do this and this is one of the reasons why we lack managing the expenses.
No, I am not saying that you count every penny but at least you can monitor and keep a track of the daily essentials you spend on. Along with monitoring, try saving a bit if you spend on unessential things. If you run a business, track your employees if they are wasting office property. You can ask them not to use extra sheets, stop wasting the print-out papers if unnecessary. This will help you to manage your finances at the year-end calculations.
4. Rely more on accounting software
Accounting and finance management is a tough task, you can use smart solutions rather than bragging about the old methods. You can use accounting software that offers multiple purposes rather than keeping records in your old storage room. I bet, running and managing files and sheets on a computer is much easier than hunt those files in the old storage room. And moreover, you are not obliged to any kind of physical effort maintaining the software. Work smart, not hard.
5. Opt for cloud accounting solutions
Managing your business on the cloud is the best way to keep up with your finances. You can ease your workload as a cloud offers multi-user accessibility and remote access to all your data.
Will it harm if you are updated with the latest features to manage all your accounting needs? That’s what cloud accounting solutions are for. They make the work easy, save time and provides the best results. If you are in a need to host your accounting software, Sagenext offers cloud hosting services for multiple accounting software like QuickBooks, Sage 50, etc.
Summing up:
You are self-capable of handling all your finances and that’s something you should be reminding yourself every day. An accountant may make the task look easy, but you are getting the perk of knowledge. After days when you followed all the above-mentioned tasks, you will be sure to make no mistakes in the future. With small steps like less cash flow, monitoring expenses, and less-traditional ways, you can ease up your management job.
