Finding Time to Manage Finances When Running Your Business Solo

Running a business as a solo-professional means juggling an endless list of tasks. With the constant flow of to-do’s to manage,  things can quickly get out of hand. It’s easy to fall behind in back-office tasks when a lack of time is an issue.  That’s why things like bookkeeping get put off.

Woman in White T-shirt Holding Smartphone in Front of Laptop

So how can you keep the financial side of the business in order?

Scheduling regular bookkeeping days allows you to stay on track with money management goals. Here are six ways to carve out time and stay on track with bookkeeping:

Review your schedule

Consider the days and times that you currently have available and block out a bookkeeping time that works for you. Allow nothing (including client appointments, marketing, emails, or phone calls) to take its place.

Customize Your Filing System

Where and how you maintain financial records will be important in this process. Select a location that’s convenient for storing receipts until time to update the books. Avoid keeping them in multiple places otherwise, when you need to retrieve them you’ll waste valuable time looking for misplaced items. Finally, consider scanning and saving portable documents to your hard drive to increase productivity and efficiency.

Use a Checklist

Having a list of items for bookkeeping and keep it handy, along with important contact information for your accountant, banker, and credit card companies. This helps if you have questions for them later on. It also keeps you in the flow without interrupting the bookkeeping time.

Whistle While You Work

Take it from me, working with loads of tiny papers and faded receipts can bring out the grouch in you. So be sure to schedule bookkeeping during your productivity peak. It also helps to listen to music while you work that puts you in the bookkeeping mood. Some of my favorites include jazz instrumentals and upbeat tunes I can sing to. Whatever you choose, make sure that it’s something that motivates, not distracts you.

Take Breaks During the Process

Too much of a good thing, including stellar bookkeeping, can overwhelm you. It’s at that point that many entrepreneurs give up and throw in the towel. Remember to take time out for a stretch or a fifteen-minute walk. It may be just the thing to re-energize you.

Check Your Progress

As you put these ideas in motion it’s useful to put accountability measures in place. For example, you could work on customer payments for the first hour, bills from vendors the next and banking entries in the final stretch of bookkeeping time. Track your progress and if you fall behind don’t be too hard on yourself. The goal is to keep moving until the work is complete.

Setting time aside is the single most important step to becoming a more disciplined financial manager in your business. Take each suggestion in this process one step at a time and you will see better books before you know it.

 

Copyright (c) 2018 Benita Tyler | Woman CFO | TBS USA

 

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