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10 Ways To Simplify Your Accounting

 

THE TOP 10 WAYS TO MAKE YOUR ACCOUNTING MORE SIMPLE

BEST PRACTICES

  1. Update your accounting daily. Programs like QuickBooks Online make it easy to update daily in 5 minutes or less.
  2. Keep personal expenses separate. Take draws instead of paying for personal expenses out of the business account.
  3. Only track one thing – Your Key Performance Indicator. One restaurant owner tracks how many linens are laundered each night as that shows how many tables were turned which then can show an estimate of daily sales based on historical data.
  4. Stop using spreadsheets. Track everything in one place – your accounting software.
  5. Track your customer invoices. You should know at anytime how much is owed to you.
  6. Have one business bank account and use your business debit card. That activity can then be downloaded from your bank.
  7. Pay bills once/week using your accounting software. Never handwrite checks or address envelopes.

MINDSET

  1. Stop doing it yourself (or using a family member). You get what you pay for.
  2. Have a professional “audit” your books. We offer a complementary no pressure financial “audit” with a signed Non Disclosure Agreement.
  3. Stop stressing – you will NEVER be an accountant. Focus on revenue-generating strategies instead.