One element many women in business don’t want to deal with on day-to-day basis is keeping good financial records. Whether you own a business, are in commissioned sales or work as a consultant, you’ll need to have a solid system in place for keeping track of your financial transactions.
Suggestion #1: Hire a professional to handle your bookkeeping, tax preparation and financial planning needs. Your responsibility then would be to work with the professional to make sure he/she has all the relevant information they need regarding your finances, when they need it.
Suggestion #2: Research before buying bookkeeping software. There are great software packages to choose from and it is best to research before you buy. Check to see which bookkeeping software best fits your professional needs. Ask other business owners, friends and then read several reviews on the Internet from past and current users. It is important to choose a bookkeeping software that you’re willing to commit to using on a regular basis. Once you learn and begin using it, you don’t want to switch to another software package. If you’re using a professional tax preparer or accountant, you’ll want their suggestions too.
Here are three of the most popular bookkeeping software programs:
- QuickBooks
- Peachtree
- Microsoft Money
Suggestion #3: If you choose a bookkeeping software, make time to learn it. Learning a bookkeeping software program and system isn’t easy- it takes time and effort. I’d suggest purchasing a software program that offers training or online classes. You’ll often find workshops available at community colleges and continuing education centers conducted by certified consultants trained by the software company. You can also hire a tutor or consultant who will come to your home and provide one-on-one hands on training.
Suggestion #4: Develop a system for keeping your day-to-day records in order and all in one location. Those mileage records, office supply receipts, networking luncheon fees, etc. need to be safely filed in one location so you when you come to input the information into your bookkeeping program or give it to your tax preparer, you’ll know where everything is. A key to keeping good records is to be able to find the important papers and receipts when you need them.
Suggestion #5: Input your bookkeeping information on a regular basis. Your bookkeeping software or system is only as efficient as the person working it. Develop a system for inputting your financial information into your bookkeeping program on a regular basis. Some people work on their financials weekly but I’ve found most businesswomen spend time once a month working on their bookkeeping chores. The key is consistency – working the program consistently so the program can work efficiently for you.
That’s a general overview of how to keep good business and financial records. My advice, make a decision about how you intend to keep track of your financial records and then work that system regularly.
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Sharon Recommends
Here is a direct link to Amazon.com where you can read more about QuickBooks Pro 2013 - QuickBooks Pro 2013
I'd also like to recommend the Kindle book I authored, How To Create The Mindset of Prosperity and Wealth - The empowered woman's guide to developing and enjoying an unstoppable moneymaking attitude. Here's a direct link: How To Create The Mindset of Prosperity and Wealth (Women Empowering Women Series)
I am an affiliate of Amazon.com and if you purchase these books through this link, I will earn a commission as the author and as an affiliate.
