What to Do When You've Launched a Business but Know NOTHING About Bookkeeping

As business owners, we work with various teams of professionals who help us run our business. Through that we've asked our most trusted network friends to share their industry knowledge to help fuel the success of our community! Rachel Witlock from SheDo Tax talks about where to get started below - 

----------------------------------------------------------------------------------------------------------------------

Congratulations, Being an entrepreneur is so rewarding! You’ve taken your dreams and plans and created a reality and are NOW a small business owner!

You are excited and ready to get started on the right foot! Learning to balance your books and bringing in revenue is a MUST.  Keeping track of your expenses, and your cash flow is probably the most important aspect of running a successful and profitable business.

“I just keep my expenses on a spreadsheet.”

I cringe often at statements like this. Not because I hate spreadsheets. I’m a bookkeeper, I LOVE spreadsheets. The problem with keeping track of your expenses on a spreadsheet is one of memory and will power. If you don’t remember to track the expense on the spreadsheet, it doesn’t get tracked.

And unless you’re meticulous, you probably aren’t reconciling your receipts to your bank accounts or creating financial statements. These steps are key to not only your financial overview of your company – but filing your taxes at fiscal year end!

The answer:  Switching from Excel Spreadsheets to Bookkeeping Software!

Switching from spreadsheets to bookkeeping software is a great tool for your business. Here are a few reasons:

  • By connecting to your bank account, it downloads all transactions, they just need to be categorized.
  • You can upload pictures of the receipts, keeping everything in one place.
  • Connecting to software allows you or your bookkeeper to reconcile your accounts and get you those financial reports in seconds.
  • Create invoices and estimates with breeze, and even collect payments!
  • Have employees? Why not use software to run your payroll and track employer taxes not to mention your HST payments each quarter.

There are plenty of different bookkeeping software systems that work great, but my software choice is QuickBooks Online.

We use QuickBooks Online for most of our clients, and I have no complaints. There are multiple affordable packages available for you to choose from that we are proud to offer. One of my favourite aspects of this software is it take a lot of the guess work out and allows you an to take an up-to-date snapshot of your company… whenever you need it!

One piece of advice I recommend, if you are not confident in using the software yourself, contact a professional first. (SheDo… SheDo…) We have had some clients that have come in that require many corrections in the books and records after trying to figure it out themselves year after year. This can often get timely and extremely costly.

This is where we come in….

Before trying to figure your bookkeeping plan on your own, you may need a little guidance from your favourite tax accountants…. Simply message us, we are here and happy to help!

We get it…You just want to run your business. That’s why you should let us handle your bookkeeping!

Looking forward to working with you!

Rachel Whitlock and the SheDo Squad

Leave a comment

All comments are moderated before being published