You may have a love-hate relationship with the money side of your business. Money management tasks can be extremely tedious and time consuming. Other than invoicing and depositing payments, you may shy away from the bigger financial duties such as tracking revenue and running reports for financial forecasting.
I’ve always hated handling the money side of my business, so I feel your pain. I’ve been there, made the mistakes, spent countless hours fixing the mistakes and licking my wounds.
Here are three simple adjustments I’ve made with my money systems to make it effortless and pain-free.
1. Invest in software
This is literally the first step on your path to getting your finances under control. If you are using spreadsheets, shoe boxes and Word documents, I have two words for you: Stop It.
If you are running a professional business it’s imperative that you keep your financial books on computerized accounting software. Disorganized bookkeeping and invoicing can result in tax issues, delayed payment and other issues that can distract you from growing your business.
2. Get your software to do the heavy lifting
Using software will take care of the repetitive, tedious tasks when it comes to managing your money. No more data entry. Connect your bank account to your accounting software and transactions will be downloaded automatically.
3. Get paid faster
Setting up payment by credit card makes it super easy for your customers to pay you. Rather than having to send you a cheque by mail, they simply click a button and the payment automatically goes through. Yes, there will be service charges that cut into your profit, so you’ll have to do some number crunching. Is the service charge worth the time you’ll save running after delinquent invoices?
Doing these three simple things will take the pain away from managing your money so you can get on with doing the things you love in your business.
The art is not in making money, but in managing it. Tweet that!