When you’re a small business owner, it might seem like every day is packed to the brim with tasks. It’s never ending, right? I know it’s tough to carve out time for your bookkeeping, but if you let it pile up, it will take so much longer to straighten out. Here are five 10 minute tasks that will help provide you clear and accurate numbers.
- Create digital copies of your receipts – take a picture of your receipts on your phone and upload them to Google Drive or Dropbox. Bonus points if you have folders that help you sort the receipts in a way that suits your business. Completing this quick task weekly or bi-weekly will help you create expense reports in a blink.
- Follow up on past due payments – create a draft email that respectfully reminds clients of their balances or use your invoicing software to automate a message to them. Make sure your reminder includes their balance, when it was due, and how to pay. It is also a good idea to provide the terms of your agreement or their purchase. Check out our blog post on how to invoice your clients for more info.
- Categorize transactions – go into Quickbooks for 10 minutes a day and categorize your most recent transactions so you don’t get behind. This will help you track your expenses and understand where your money is going.
- Pay vendor invoices – this one is pretty straightforward. Just as you like your clients to pay your invoices, your vendors like when you pay theirs as well. Take a moment to look through your bills and call or make payment online. Record your transaction and don’t forget to save your receipt!
- Check your cash flow – take a peek at your cash flow and see how you’re doing. Make sure you’re not “running on empty” and really take a look at your income and expenses. This will help you better understand your profit & loss statements and know if you need to implement any changes. Read our post, What is your cash flow telling you?, for more details on looking in on your cash flow.
There you have it! 5 little tasks that have a BIG impact. How often do you complete these tasks? We’d love to hear from you!