Expert Bookkeeping Saves You Money

If you’re a small business owner, we know you don’t have much leeway with your finances (we know, because we are one.) Funds are strictly allocated, and purchases are cautiously evaluated. But, all this is well and good until you make mistakes on your financial ledger—that’ll cost you big! Here are a few ways of making sure you don’t make regular mistakes in your bookkeeping:

  1. Hire a good bookkeeper. (I know what you’re thinking – plug here for Facets Business Solutions right! Yes, that’s true, but honestly if you don’t have the time or patience, let someone who knows deal with it.)
  2. Take your time: if you’re rushing your calculations and data entry because you’ve got to go and actually open your store or restaurant, you’ll probably make mistakes. Schedule a time that you can always do work without rushing.
  3. Make sure it’s quiet around: you’re in your office recording inventory costs in your book, but you keep having to come out to the front of the store to serve customers. Find a quiet time so you’re not distracted.
  4. Leave it if you just can’t concentrate: they say writers get writer’s block; well, it’s just as easy for a business owner to lose concentration as he is entering data. If you find you’re not able to think about what you’re doing, leave it and come back to it.
  5. Don’t make it up if you don’t know: this is so common; many business owners will either omit recording a figure, or they will wrongly record it, because they just don’t know what to do with it or where to put it.

If you’ve got another no-no to add to our list, send us an email!

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This entry was posted by admin on Friday, August 3rd, 2012 at 7:34 pm and is filed under Administration, Finances. 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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