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The Second Step to Starting a Small Business or Startup

Sep 16, 2020 3:04:12 PM Kathy Dise QuickBooks, Small Business, For Accountants, Bookkeeping

Keeping Good Financial RecordsThe first step to starting a small business or startup can be found here.

As a bookkeeper, I am sharing some insights to maintain sound financial records. These are steps to put you on strong financial footing. Having a product or service that is demanded, building the right team, and finding customers are all very important – possibly more important is...

Step 2: Find a Financial Record Keeping System that is Addictive

There are many ways to keep track of your spending and income. Some options are:

  • Excel
  • QuickBooks
  • Xero
  • FreshBooks 

My favorite is QuickBooks and I like QuickBooks Online better than QuickBooks Desktop. That is my personal preference. I open QuickBooks Online (QBO) just about every other day to check on a customer or to pull a report. 

I am encouraging you to do more than find your personal preference. Get the most addictive financial program you can find so you use it daily. Find a program that you can use as easily as brushing your teeth.

Keep Financial Information Up to Date

Successful business owners use the information in their program to keep them informed of their bank balance, their best and worst customers and who hasn’t been paying on time. They check to see if they are meeting their goals. They check often and are able to quickly find the information they need. 

Enter All Transactions Weekly

Make a habit of updating your software with all your transactions weekly. Set aside a time to do it or assign the responsibility to enter all the transactions to someone else. Make it a habit. Then, if you miss a week, you can catch up easily. Too often we see companies that fall months behind. Reconstructing undocumented transactions takes time when you wait a month or more. The project becomes a burden. Bottom line: enter all transactions weekly.

Test to See if You Are Addicted to Your Financial Software

_____You know how your company is performing compared to your forecast.

_____You can find the information you need in less than 5 minutes.

_____You can add transactions easily.

_____Your bank accounts and credit cards are reconciled through the end of last month.

If you answered 'no' to any of these questions, consider getting training to make your process more of a game and less of a chore OR try a different program.

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Kathy Dise

Written by Kathy Dise

Kathy has over 30 years experience helping small businesses succeed. As a commercial lender, commercialization expert and now as a QuickBooks diamond level advisor, Kathy understands the challenges small business owners face. Her experience helps business owners quickly accomplish their financial goals. As the owner of BudgetEase, Kathy works with clients to develop a plan to efficiently process 1,000s of small transactions so owners can make informed decisions. She lives in Shaker Heights, OH with her husband Ralph and enjoys golf, curling and walking in Cleveland’s fabulous Metro Parks.