Organize Your Way to Business Success
When running a successful business, you must keep track of your finances. After all, you will need to use your accounting data when filing your taxes at the end of the year and making plans for the future. If you sometimes have trouble keeping your company’s financial records well-organized, you may find the following tips helpful:
1. Use Technology to Your Advantage
In the 21st century, it is possible to automate a significant portion of your company’s financial record keeping and accounting. For instance, there are lots of apps that will allow you to take a picture of your receipts and have them automatically saved and entered as an expense in your books. These advanced systems can be particularly useful if you frequently find yourself losing receipts or forgetting to enter your expenses entirely.
2. Work on Your Books Regularly
Most business owners have a million tasks they need to accomplish before they get around to dealing with their finances. As a result, bookkeeping often gets put on the back burner for weeks or even months as other matters continue to pop up. Of course, the longer you put the work off, the bigger the job becomes. If you would like to avoid dealing with a massive project every time you want to update your books, you should try to handle them regularly. In an ideal world, you should work on them once a week, with a full reconciliation once a month.
3. Go Digital
There is nothing more cumbersome or inconvenient than sorting through a large stack of papers to find one particular invoice or receipt. Fortunately, you can avoid this nightmare scenario by digitizing all of your financial records. Whenever you receive a bank statement or invoice in the mail, scan it immediately. You can then easily search for it on your computer if you need to reference it at a later date.
4. Consider Outsourcing
If you believe that you simply aren’t cut out for the world of accounting, you may wish to consider contracting a bookkeeper or accountant to handle the workload on your behalf. An experienced bookkeeper can usually handle an entire month’s financial upkeep in a matter of hours. Just hand them all of your receipts and invoices and they will take care of the rest.
Whether your business is thriving and you can’t keep up, or you are waiting on clients to pay their invoices, Universal Funding can help your growing company. Call us at 855.202.9875 or complete our rate form today to learn more about invoice factoring and how it can improve your company’s cash flow.
The Bottom Line
Organizing your company’s finances doesn’t have to be an impossible task. By following the advice outlined in this article, you can make sure that your organization’s records are well-organized at all times.
About Universal Funding
Universal Funding is a private funding source that has funded thousands of businesses and more than $2 billion since 1998. We turn your accounts receivable into the funding you need through invoice factoring and can have capital in your hands in a matter of days.