As an entrepreneur, your time is money.

Every moment you spend doing administrative duties is time you're not spending earning cash.

To that end, my #1 recommendation is to outsource as much behind-the-scenes work as possible. I won't go into a lot of detail about the benefits of outsourcing in this post, but it's probably in your best interest to not try to tackle every operational business task by yourself.

For starters, like I said, your time is too valuable to not spend perfecting your own specialty. Additionally, we can't all be the bee's knees at every task it takes to run a successful business. To top it off, most creatives consider admin tasks boring and want to do as little of them as possible.

Am I right, or am I right?

Keeping your books accurately maintained is super important, yet bookkeeping typically gets pushed to the side or is passed on to individuals who don't have the experience or training to do it well.

Outsourcing it allows you to focus on your own fun, money-making tasks, and gives your business the advantage of having an experienced bookkeeper (like myself) proactively manage your financial transactions.

HOWEVER, I also realize that cash flow can be tight, especially if you're just starting out on your entrepreneurial journey, and outsourcing isn't always an option.

If this is you, read on.

Here are some tips to keep your DIY bookkeeping duties as efficient and pain free as possible:

1. Keep business and personal finances completely separate

Always utilize separate business and personal bank accounts. Keeping these transactions independent of each other will significantly decrease bookkeeping errors, and the time you'd otherwise spend sorting them out later.

2. Keep complete and accurate records

Maintain a process for safely storing your receipts, invoices, mileage logs, etc., and document everything. Pertinent information may not be easy to recollect months from now when you need to look back in time. Easy access to detailed records leads to a much easier time entering transactions, reconciling bank accounts, and preparing for tax time.

3. Record transactions as they happen

Believe me... it is so much simpler to enter a few transactions at a time than to tackle a stack of receipts accumulated from months past. It's also more efficient to frequently enter transactions since the details of each one are fresh, and you don't waste time trying to remember data.

4. Schedule time for it

This suggestion goes hand in hand with #3. When bookkeeping takes a backseat to life's other demands, you end up with piles of paperwork and office chaos. Designate a specific time for bookkeeping so that it gets the attention it needs and you don't fall behind.

5. Utilize technology

Cloud-based accounting software and document retention systems make a world of difference in the time you spend bookkeeping. For example, many bookkeeping systems will automatically pull transactions over from your bank account to reduce manual data entry. Some will also "talk to" various document storage systems to make attaching receipts/invoices to transactions effortless.

6. Outsource some of it

Bookkeeping doesn't have to be all or nothing. If you want to tackle a portion of it on your own, you can typically still outsource certain tasks, like invoicing clients or reconciling bank accounts.

Have questions or need some help? Put me to work! Contact me any time.

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