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Accounting : Easier to Keep Up than Catch Up

September 5, 2008 | Author: Rob | Filed under: Money Matters

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This is true for most of life but in regards to a home business I’m referring to accounting. Accounting is boring plain and simple. It’s also usually the least important thing on the mind of an entrepreneur or self employed person. Sadly however it’s one of the most important.

I’m writing this as well I’m behind in my paper work! (Who would of thought!?)

This weekend I’m going to play catchup and I know I will evidently say where is this receipt numerous times. I’ll also have to figure out a way to get all my paypal information as it only gives you convient reports up to 3 months at a time. Yes I’m more then 3 months behind. Thing is I bet many of you reading this are in similar situations.

I will eventually hire an accountant but before I do in order to save money I’ll have all the ducks lined up so they juts come in; do there thing and leave. The longer you hire them the more you have to pay.

Here are some quick tips to organizing yourself:

1) If you use paypal; make it a habit ot print a monthly statement on the 1st of each month for the previous month. Takes 1 minute.

2) Keep all your receipts in one folder, drawer etc… Also whenever you receive a receipt in a pen write on the back what it was about. Trust me in 1 year from now you may not remember who you took for dinner and what you chatted about; you can be sure the gov will want to know.

3) If you are going to do it yourself get some accounting software. There are many different types of software to choose from. I’ve made a box below to Amazon. Most of those will work fine for you. If you have an accountant you will work with ask them what they recommend; you may wish to do it yourself and just have them verify it.

4) Break your business into “Jobs” this isn’t so much about record keeping as it is about knowing where your money is going. It’s easy to write expenses down but if you don’t allocate them to your jobs you won’t know which ones are worth while and which ones are just money sinks.

5) Keep on top of it; just do this regularly trust me it’s not fun spending a beautiful weekend you could be golfing doing paper work. Of course this could of all been prevented through some proactive record keeping instead of reactive scrambling.

Here is some recommended software from Amazon.

Best of luck on your accounting quest and just remember like most things in life record keeping is no different. It’s easier to KEEP UP than CATCH UP!

This entry was posted on Friday, September 5th, 2008 and is filed under Money Matters. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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