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How Business Bookkeeping Can Make Budgeting Easy

by earlyretirement

Small business owners generally fall into two categories. There
are the business owners that let their accounting tasks,
invoicing, and payables pile up on their desk - or even in a shoe
box, until they're forced to face the music. Usually this happens
around tax time.

The other sides of the coin are the business owner that are
amazingly organized and know where every penny of their money is
going. What do these business owners have that the rest of us
don't?  More time?  A PhD in accounting? Nope, chances are they
have a system. To put it more simply, they're organized. If
you're in the crowd of business owners that let it all pile up,
there are a few things we can learn from the more organized
folks. If we take just a few of the steps organized business
owners take, not only will we save several days of excruciating
paperwork, we will have a firmer grasp on our money.  
Here are some recommendations for good bookkeeping practices:

#1:  Record income and expenses on a regular basis. If you have
a budget, recording this information is as easy as taking a few
minutes each week or about an hour a month and recording your
income and expenses on your budget. Your budget will have expense
categories that reflect your business and which are broken into
subcategories that make it easy for you to record. For the less
organized, a simple system is to keep a file for your week's
receipts and payments. Using this method all you have to do is
pull out your paperwork at the end of the week, add it up, record
it, and you're good to go. Literally 10-15 minutes of your time.

#2:  Create expense categories that make sense for your
business. Trying to fit your business budget and bookkeeping
categories into a standard form may not work for you.  Not all
categories will apply to your business and it can end up feeling
like an incomplete and inaccurate project. For example, a direct
sales company will have an expense category that includes
shipping and receiving as well as an inventory category. However,
a service business won't have those categories and will end up
with blanks in their spreadsheet. Spend some time going over your
accounts and create a list of expense categories that work for
your business.

#3:  Have a method. When you have a bookkeeping method, a
software program or a spreadsheet, and you use it, transferring
the information to your budget or vice versa is just like cutting
and pasting the information from one document to another. It's
easy.

Having control over your money is a necessity as a business
owner and if you're not keeping a budget or tracking your
accounts, you're less in control of your money. It's worth taking
a few minutes and organizing your accounts. You won't regret it!

Eddie Lamb owns LiveMortgageFree.com a website devoted to helping
homeowners, first time buyers or tenants. You'll get your own
exclusive access to the program and bonuses that will get you on
the road to living Mortgage Free and will change the way you view
money forever. For more information visit: <a
href=http://LiveMortgageFree.com>LiveMortgageFree</a>

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