Bookkeeping For Business Owners In 10-15 Minutes A Day

12 Oct Bookkeeping For Business Owners In 10-15 Minutes A Day

Bookkeeping,  to most people,  is a least favorite chore we muddle through as a means to an end.  It is a select few of us that love and crave it.  Like dirty laundry and dishes,  it is also forever piling up again.  As soon as you get to the bottom of the pile some new e-bill or little envelope from the mail man appears and you are right back at it.  So how do you keep the ever growing avalanche of paper to a 10-15 minute chore?

First, create a place for your receipts and miscellaneous paperwork to land when you are out and about.

• I prefer a plastic envelope of some sort that rides in my car.  Gas receipts, sales slips, carbons from checks, that business card from the sales guy can all easily be dropped in the folder instead of the passenger side floor of your car.

Next, you have to tackle the other points of entry;   the mailbox & your computer inbox.

• Start by trashing the junk mail from your inbox, mail and envelopes, etc right away.  Remember to shred credit applications and anything with your name, address, etc.
• Open the rest and review for obvious errors, omissions and problems.  Is your American Express bill $150,000 this month?  Maybe you need to look over those charges.
• Make notes on anything unique.  Electric bills are electric bills and go without explanation but the credit card charge to Creative Finance will require more detail.  Note account where it should be posted, reason if needed and if the item is a billable expense.

Last,   place all the opened or printed mail, along with the items from your travel folder together.

• Take 1 minute and make neat piles grouping together bills, receipts, communications and statements.
• Take 1 more minute and evaluate the piles by asking yourself is all the information here?  Does anything here need further notation?
• Place your piles in the an accordion folder with files marked for each group as seen in the photo and deliver it to the highly trained and competent bookkeeper you have screened and hired.

Each business is different but basic groupings for your bookkeeper folder would include:

• File folders for each bank and credit card account.
• Accounts payable to be entered.
• Questions for bookkeeper
• Sales and deposit summaries or billing information
• Other

———-ATTACH PHOTO OF GOOD FOLDER HERE————-

——————Available for download link———-

Keep this folder near your point of entry to your office or home.  Wherever you do you work you should have the folder available. Don’t add a step by putting it someplace “special”.  Keep two folders so while your bookkeeper has one you have a new one to fill.