As we all know, the holiday season is here, and most business owners seem very busy to complete their work. As a business owner, you might quickly feel overwhelmed and put accounting chores to the bottom of your to-do list, but this can make your work life even more complicated.
Thus, to help you manage your accounting work, we have discussed a few essential tips to compile your accounting tasks easily in this holiday season.
Automate Accounting Processes: For e-commerce businesses automating bookkeeping can be a great decision. During this holiday season, my advice would be to engage tools to automate recording all sales, expenses, and refunds. Because of the high number of transactions during holidays, automation would greatly assist businesses if they set up a tool to automatically bring over the data to their accounting system, create reports, and categorize all transactions in the background.
Use bank statements vs. receipts: While you must have receipts to verify your expenses, it’s much easier to compile your income and expenses by looking at the transactions in your bank or credit card statements. Of course, cash income and expenses too will have to be included.
Use accounting software: There are excellent, free accounting software available online that will connect to your bank account. All you’ll need to do is indicate which transactions are for business versus personal.
Considering paying for help: Many accounting software companies now offer professional support for accounts management. There is an extra fee, but it might be worth the time you save. A few examples of accounting software with bookkeeping services available are QuickBooks, Xero, Wave, and Sunrise.
Reward yourself: Rewarding yourself will work, even as a full-grown adult. If you can finish a project and then treat yourself with candy or something, you will want to complete your other work. You could even have a points system, which you can cash in for several rewards, like a takeout pizza or some time shopping yourself. You know yourself best, so it is the best tip I can give out. You want that work done, and you need motivation, so give yourself that motivation.
Plan your time: Plan out your time as best as you can. If you dedicate X amount of time to your accounting work, it will start to shorten very quickly. Turn that motivation for the break into a passion for your work. You are in an auspicious position where you can take time from your work, so try to work as hard as you can so that when the break comes, it will be even more satisfying.
Follow these tips to get your business accounting work streamlined so that when the holiday season starts, you will have enough time to spend with your family and loved ones instead of struggling to organize finances and accounting services.