Does your brain ever get all fuzzy from all the paperwork and receipts?
Staying on top of your business transactions can be overwhelming at times because it means tracking every sale and expenditure in order to keep your business organised.
Let's have a look at how to track your business' finances and the different types of transactions that you need to be aware of.
At the end of each month, you will also need to track some additional transactions. These include:
● Bank reconciliation
● Accounts receivable
● Accounts payable
● Cheques and deposit registers
● Sales report
● Inventory ageing report
● Payroll Register
● Monthly income statement
● Balance sheet
Tracking and reviewing these will give you a clear picture of your business. It will give you an indication of how much to safe for you tax bill, how to improve your cashflow and potential savings.
Remember, you shouldn't look back if you want to move forward!
At the end of the year, you will need to track some additional financial transactions. These include your annual:
● Income statement
● Balance sheet
● Cash flow statement
These can help you identify any areas where you may need to make changes or improvements for the year head.
Keeping on all of the above can be made manageable with software and automation, which we can help you with.
We can help you set up Xero cloud accounting software to make your life easier.
Xero makes it easy to track your business' finances and see where your money is going. This way, you can make sure that your records are accurate and up-to-date.
The biggest help cloud accounting software like Xero can give you is automation. You can automate invoices, upload receipts via your smartphone, keep an eye on cash flow and generate detailed financial reports with the click of a button. This way, you can gain detailed financial insight into your business whilst also saving time.
There are many different cloud accounting software options available. Some of the most popular ones include:
● Xero
● QuickBooks
● FreshBooks
Each of these software options has different features and pricing plans. It's best to speak to your accountant or financial advisor about the program and subscription package that best suits the needs of your business.
At Brush Up Accounting, we understand time is your most valuable asset! We can help you automate your processes, save you time and love your business again.
Working with us as your virtual bookkeeper and accountant offers you a seamless and efficient financial management experience. We will set up your cloud accounting software, connect all the necessary apps and bank accounts, and provide you with basic training to streamline your invoicing process and help you with your business expenses.
This means that all you have to do is send us your receipts and invoices every month, and we will take care of the rest. This not only saves you time and effort but also ensures the accuracy and integrity of your financial records. With our expert support, you can focus on your core business activities, knowing that your financial management is in capable hands.
Keeping on top of your small business' financial transactions is essential for keeping accurate records and ensuring that your business is running smoothly, and it doesn't have to be difficult. Trust us- in three months' time, you'll be extremely glad that you started today.
Final thoughts
There is a lot to think about when it comes to financing your startup business. However, by creating a realistic budget and a long-term plan, you can then set about gathering adequate funding to cover your costs.
Overall, financing is crucial for a business's survival, growth, and success. It provides the necessary resources to start, operate, expand, innovate, and navigate challenges effectively, ensuring the business remains competitive and sustainable in the long term.
Testimonials
Rea Moores Creates
Starting up my own business I had no idea how much would be involved in preparing the tax at the end of the tax year and how much time bookkeeping would take. Fortunately Jana was at hand to help me. She guided me through all the steps needed for her to submit the documents to the tax office, answered all the questions I asked, and put me at ease. I would recommend brush up accounting to anyone that needed this service.
QualClean Ltd
I have engaged Jana as the permanent accountant for QualClean Ltd as my accountant of 7 years advised me, he was retiring.
In the last 12-18 months I have become a little disorganised due to workload, illness and several other external factors. This has resulted in me not staying on top of my accounting, bookkeeping and invoice payment chasing.
In less than 2 months, Jana has very efficiently organised me and has set me up with a whole new system to aid my efficiency. Moreover she has been really proactive in pointing out issues in my bookkeeping and most importantly, my invoice chasing. This has resulted in recovering monies that I had no idea I was missing!
I thank Jana for her highly fastidious approach and care and I have no hesitation in recommending her to colleagues and friends.
Nikki Ayton
Brush Up Accounting was recommended to me by a mutual friend and Jana has been like a breath of fresh air. I needed someone approachable, professional and experienced and I got all three.
Jana was excellent at communicating with me and she has always got back to me within 24 hours (if not sooner). She has made an onerous task a lot simpler by explaining the process step by step.
I highly recommend working with Brush Up Accounting.
