4: How Do I Know If I Am READY To Do My Own Bookkeeping?
Welcome to the third episode of our four-part series where we are diving into all the questions asked when you are deciding if you should do your own bookkeeping. In this episode, we find out if you are READY to do your own bookkeeping. Have you registered your business? Do you have your bookkeeping system in place? Are you ready to have more control over your finances? Are you looking to have your transactions done in real-time? By the end of this episode, you will know if you are READY to do your own bookkeeping.
Is Doing Your Own Bookkeeping Right For You?
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Today’s episode is the third in our series where we will help you find out if doing your own bookkeeping is right for you. It isn’t right for everyone, but after listening to this series, you will have a good idea if it is a good fit for you. Listen in and find out how you can tell if you are READY to do your own bookkeeping…
Welcome Back, today we are looking into ways you can tell if you are ready to do your own bookkeeping. You may not have everything set up to do your own bookkeeping yet, but after listening to this episode, you will have a good understanding about what you need to do to get everything in order…
We are going to start from the beginning and make sure you have registered your business and have everything set up to start operating your business.
Once you have your business registered, you will want to open your business accounts. It is very important that you have separate accounts for your business and that you don’t mix your business and personal funds in the same account. This means you should have separate business checking, savings and credit card accounts. Why is this so important?
We talked about having a process for how to do your bookkeeping including how you will record your transactions, how you will store your receipts and when you will do your bookkeeping. If you haven’t already listened to episode 3: What do I need to do my own bookkeeping, please go back to that episode. It has a lot of great information you will need to do your own bookkeeping.
You’ll also want to make sure you have your bookkeeping system in place. Whether you are using a computerized software system or are fine with using a spreadsheet or other manual system. Be ready to start using it…even if you don’t have very many transactions. This is a great way to get started and learn your system before you start getting a lot of transactions.
Organization is going to be key to your success here. If you don’t have these processes in place, you will find it harder to get started, which will mean your bookkeeping will start to get behind, and before you know it, you are so far behind, you know it will take a lot of time to catch up and will dread doing it. Get everything set up from the beginning so that you set yourself up for success.
Another way to know if you are ready to do your own bookkeeping is if you want to have more control over your finances and have them up to date. If you wonder how much you had in sales for the month, or want to find out how much you paid in advertising for the year so far, when you do your own bookkeeping, you will have all this information at your fingertips and can find it quickly.
You find that you want the ability to do transactions in real time…like sending an invoice to a customer right after the sale takes place, or you want to print a check to a vendor that you’d like to get out in the mail that day. What about printing a quick report for the bank or looking into a question a customer is having about their account. Having the ability to do tasks like these are a huge bonus when you are doing your own bookkeeping.
When you feel like you understand enough about your business and how the money coming in and going out of your business affects your finances, this is a good indication that you are ready to do your own bookkeeping.
If you are considering doing your own bookkeeping, grab our FREE Guide on the 5 Essential Strategies For Stress-Free Bookkeeping. Go to FinancialAdventure.com/5Essentials to get your copy.
And…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? Do you need to be held accountable? Join our PRIVATE Facebook and post your action item, we’d love to support you.