10 Tips To Overcome Bookkeeping ProcrastinationSep 11, 2023
Do you find yourself putting off your bookkeeping until your taxes are due?
Or even worse.
Do you wait until the last minute then file a tax extension and still find yourself waiting until the last minute trying to get your bookkeeping done so your tax preparer can get your taxes filed.
To start off with doing your bookkeeping on a regular basis will help you understand your numbers.
So waiting to do your bookkeeping and looking at your reality numbers only when it is tax time could hold you back from being more proactive in reducing your tax liability.
Okay so the reality is that we all know the tax deadlines every year.
Yet every year many business owners go through the preventable pain and stress that comes with waiting until the last minute.
Then when they reach out for help they are surprised that they can not find any one that will help or when they find someone they will have to pay a rush fee / premium rate.
Remember, your lack of planning is not the problem of accountants, bookkeepers and tax professionals. They are ready all year for you to reach out to them.
So why do people wait until the last minute to do their bookkeeping? Here are the reasons I have come up with over the years from working with hundreds of business owners.
Lack of Knowledge
Often it is usually because it is emotional.
Business owners put it all on the line to create the business of their dreams.
For many business owners that I talk to they created a business out of nothing and that is not magic.
Even me, someone who has been an accountant for years has messed up my own bookkeeping when I owned my different business on my journey
Plus as a general rule money no matter what amount can have an emotional impact on a person that can be deep rooted from childhood.
Business owners often operate at some level of Fear mainly because they do lack the knowledge of how a bookkeeping system works and the valuable insight it can provide to the business owner, in other words YOU.
Are you tired of feeling unproductive and overwhelmed with your bookkeeping? You're not alone.
Don't worry, there are ways to overcome it.
Here are 10 tips to help you start getting on your bookkeeping done:
Decide how you are going to do your bookkeeping. Accounting Software, Excel, Pen/Pencil & Paper, etc.
Break your bookkeeping tasks down into smaller, manageable steps
Record your Sales and Expenses
Reconcile your Bank and Credit Card accounts
Keep track of your outstanding invoices
Keep track of you what you owe
Watch your cash flow
Keep track of your inventory purchases
Maintain accurate inventory records
Keep up to date records of your fixed assets and depreciation
Use a planner or to-do list to stay organized with your bookkeeping tasks
Knowledge is power so take the time to learn a bit about a proper bookkeeping system.
There are lots of great YouTube videos you can use as a resource.
Additionally you can hire a professional bookkeeper to help you set up a customized bookkeeping system around the way your business operates.
A smart professional bookkeeper who understands the life of a business owner.
They will be able to translate some of the bookkeeping/accounting language into a more relatable language for you to understand too.
Once you start to understand the bookkeeping system then you will empower yourself to take control of your numbers.
How great will it feel when tax time rolls around, you are already good to go?
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