Are You Always Behind With Your Bookkeeping? Here's What You Need To Do
Keeping up with bookkeeping can often feel like a never-ending task, especially for busy entrepreneurs and small businesses. If you find yourself constantly falling behind, you’re not alone. Effective bookkeeping is essential not only for compliance with statutory requirements but also for gaining valuable insights into your business’s financial health.
As a UK-based bookkeeping and accounting company, we know first-hand how business owners can benefit from collaborating with an accountant, and what this partnership can mean for long-term business growth.
Here are some actionable strategies to help you stay on top of your bookkeeping tasks and ensure that your financial records are always up to date.
Set Regular Tasks Instead of Having 'Ongoing' Bookkeeping
Randomly doing a bit of bookkeeping when you find the time is not just inefficient, it’s a complete waste of time. To streamline your bookkeeping process, set specific times dedicated solely to this task. For example, you might choose to handle your bookkeeping on the first Friday of every month. This routine helps to establish a habit and ensures that bookkeeping gets the attention it requires. Adjust the frequency of these sessions based on your business needs, the volume of transactions, and upcoming reporting or statutory deadlines.
Introduce Automations
Leveraging technology can significantly streamline your bookkeeping processes. Here are a few automations you can introduce:
➡️AutoEntry – This tool automates data entry by capturing, analysing, and posting invoices, receipts, and statements into your accounting software.
➡️Automated Invoice Reminders – Set up your accounting software to automatically send reminders to clients about outstanding invoices, which can help improve cash flow.
➡️Recurring Bills and Sales Invoices – Automate the generation of recurring expenses and sales invoices to save time and reduce the likelihood of errors.
➡️Bank Connections – Connect your accounting software directly to your bank account to automatically import transactions. This not only saves time but also reduces the chances of errors in data entry.
Professional bookkeeper from Oxford
Bookkeeping is giving you a headache?
We offer professional bookkeeping services tailored to your individual needs.
Hire Administrative Help
Consider hiring administrative support to manage the collection and organisation of financial documents. An administrative assistant such as a VA can handle tasks such as:
➡️Collecting all necessary paperwork.
➡️Liaising with suppliers to obtain missing bills.
➡️Organising your inbox to ensure all financial documents are accounted for and saved in one place.
This support allows you to focus more on strategic business decisions rather than getting bogged down by the day-to-day management of paperwork.
Outsource to a Professional Bookkeeper
If bookkeeping is taking up too much of your time or if it’s not your forte, outsourcing to a professional bookkeeper can be a game-changer. A professional bookkeeper will not only ensure that your books are always up to date but can also provide valuable financial insights. When choosing a bookkeeper, establish clear communication about the frequency of their services and ensure they can collaborate effectively with any admin personnel you may have. Check out our other blog where we discuss the right time to hire a bookkeeper.
By incorporating these practices, you can transform your approach to bookkeeping from a source of stress to a streamlined, efficient component of your business operations. Remember, effective bookkeeping is foundational to the financial health and success of your business.
At Joanna Bookkeeping, we can help support business owners of all shapes and sizes from all over the UK. If you want to avoid getting stuck in red tape and ensure you’re making strategic financial decisions, let us show you how! Get in touch with our Oxford accounting office.
Your Accountant in Oxford
Oxford Office
Joanna Bookkeeping
The Wheelhouse Angel Court
First Floor, Angel Court
81 St Clements St
Oxford
OX4 1AW
Connect
joanna@joannabookkeeping.co.uk
01865 591952
