Congrats! You’re a small business owner who has turned your passion into a profitable business. Every day, you get to work on something you love. That’s what most business owners strive for. But running a business also comes with a long list of to-do tasks that you may not love doing. However, these tasks must be done to keep your business successful and growing. Bookkeeping is often cited as one of these least favorite tasks by business owners.
Sure, you can always buy and install a professional accounting software package on your business computer. But what happens if you’re just not a technical person? You can stare at the screen and try to muddle through, but that option may not be in your best interest. You may spend twice – or more – the amount of time trying to figure out the software and input your numbers than you would with other bookkeeping options.
While technology can be great in many ways for your business, if you have difficulty using it for your bookkeeping, it may not be the right solution for you. Fortunately, other small business bookkeeping options are available to manage your books. Here are some alternatives:
- General Ledger Book. Businesses have been using paper ledgers for hundreds of years. Don’t be afraid to go back to using paper and pencil. If it works for you, great! Plus, this method allows you customize your expense and revenue categories while creating a tracking system that makes sense for your business. Just make sure you track all your revenues and expenses – no matter how small. Additionally, you should always make copies of your paper documents, just in case!
- Microsoft®Excel®Software. If you don’t want to use paper and pencil, you can always use Microsoft Excel. You can customize your spreadsheets for your business. Plus, you’ll have the ability to analyze and track your transactions. However, you will need to become familiar with functions like SUM, VLOOKUP, COUNT, MAX, and MIN. These functions can help total your income and expenses, find a transaction, sort payments by amount, and figure out hourly income. Once you become more comfortable with the program, you can perform additional tasks by using Excel formulas and pivot tables.
- Outsource Your Bookkeeping. If you have trouble figuring out how to track your income and expenses, or you just don’t have the time to do it yourself, you can hire a professional bookkeeping service, like The Payroll Department. An experienced bookkeeper like Grace Walker can ensure your bookkeeping tasks are performed regularly and accurately. She can help you set business goals, reconcile your monthly finances to keep you on track, and even help you with your taxes. Plus, The Payroll Department can even help you with your payroll processing. Outsourcing your bookkeeping – and payroll – is an investment in your business’s financial success.
By outsourcing your bookkeeping, you can focus your time on doing what you love about your business, instead of the tasks you dislike. And, you can use that time to help your business grow and gain a competitive edge. Contact Teresa Ray at The Payroll Department today to find out more about how we can help your business improve your financial health.
– Ariane of The Payroll Department Blog Team