Bookkeeping Secrets Every Entrepreneur Needs to Know
Posted Oct 2, 2019
Bookkeeping: love it or hate it, it’s a necessary part of running your business. Without it, you have know idea how you are doing financially. You can’t convey to investors that you are deserving of their attention. How will you convince the bank that you deserve a loan? Here are some secrets to making the most of this hated chore and converting it into a powerful tool for scaling your business.
Remember the number one.
Touch paper only once. Either immediately enter bills and receipts into your accounting software, or scan them into an app like Xero or Expensify. You can read more about my favorite apps here.
Write checks only once a week.
There’s that number one again. Set a day of the week to write checks, and each week, take time on that day to pay your vendors. By doing so, you will streamline the process and you can pay the bills and forget about them afterward.
Connect bank accounts and credit cards to your accounting software.
Seamlessly upload transactions directly from your bank and credit card company to streamline the bookkeeping process. Automation saves you valuable time so that you can focus on your business.
Understand your financial statements.
Income statement. Balance sheet. Statement of cash flows. What are they telling you about your business? Take time to understand them and know what to look for. If you don’t understand them, sit down with an accounting professional who can explain them to you.
Know when to call a pro.
Sure, you can do your own bookkeeping, accounting, and maybe even prepare your own taxes. But wouldn’t you rather leave it to a professional who can save you time and money? If you’re ready to cut back on the time you spend bookkeeping and convert that time into revenue-producing hours for your business, call me at 828-324-1661 to schedule a consultation and learn how I can apply these bookkeeping secrets to your unique business.
Join Our Team
Administrative Assistant – Position Description Summary Recognized as the Best of the Catawba Valley two years in a row (2020 and 2021) in the CPA/Accountant Category, Best Tax Preparer in 2021, Finest Tax Preparer in 2020, and Finest Bookkeeper in 2020, Sabrina P. Cook, CPA PLLC is seeking an administrative assistant to join our team. […] Read More →
Did You Make Money on GameStop? The Tax Man Is Coming
GameStop is the hottest topic in stocks these days, and if you were lucky enough to own some shares, you may have enjoyed as much as 8,000 percent increase in value over the past 6 months. You may be wondering what happened. GameStop is actually struggling as the market shifts from favoring in-person shopping to […] Read More →
Sabrina P. Cook, CPA Named Winner in Best of Catawba Valley Competition
Sabrina P. Cook, CPA is pleased to announce that our firm has been chosen by the Hickory Daily Record readers as the best Accountant/CPA and Finest Tax Preparer in the Catawba Valley for 2020. Online voting was open to Hickory Daily Record readers from July 6th to August 2nd. The winners were announced in a […] Read More →