It happens all the time so don’t feel alone. Yet again another financial year has come and hit you smack bang over the head and you vaguely remember promising your accountant to hire a bookkeeper but with everything on your plate you kind of forgot. Your bookkeeping consists of that pile over there of…. stuff… and kids toys. Well maybe not the kids toys and you promised yourself to do it right this year but it didn’t happen.
All I’m going to do is give you the evil bookkeeper stare.
Getting ready for the end of financial year isn’t supposed to be a big deal. If you create a system for dealing with it regularly, bookkeeping becomes less of a chore.
The short answer (no pun intended of course) here is to outsource your bookkeeping to a qualified bookkeeper but if you are still at the stage of wanting to do it all yourself you crazy kid you, then here are some tips:
- Buy some bookkeeping software! My favourite is QuickBooks but buy something easy to use and have it set up by a professional.
- Do your bookkeeping regularly. I do mine on a Monday morning and except for end of month invoicing, I can tell you at any given time my financial position, what I am owed and what I owe to others.
- Set up your filing system at the beginning of the financial year. Figure out a way to look after your receipts. Here in Australia you need to keep your records for at least five years. After that, feel free to line the kitty litter with it but until then, FILE it so you can find things easily.
- Did I say do your bookkeeping regularly?
End of financial year doesn’t have to be painful. Now is the perfect time to sort it out and give your accountant one less ulcer/client to worry about.
You might even save some money too in the process…
{ 2 comments… read them below or add one }
Totally agree with your point about keeping it up to date regularly. If it is left too long, it can become overwhelming and in the “too hard” basket.
Hi Kylie – great post. I love your colours on your site. You sum up it up beautifully with
“I can tell you at any given time my financial position, what I am owed and what I owe to others. ”
That would put you in the top 5% of businesses – and top 1% of SME’s i would think. Very impressed.
-Tim