How are you currently dealing with your small business finances? Do you simply let all of the paperwork pile up until you have no choice but to deal with it? Or are you the type of person who tackles bill-paying each and every day before shoving the paperwork into a box until the end of the year?
Would you even believe me if I told you there was a better way to handle your small business finances?
I am a firm believer that taking the time now to organize your small business finances will save you tons of time later. Plus, once you have a system in place, it is easy to keep everything organized, so you never need to deal with massive piles ever again!
Why You Should Schedule Time to Organize Your Small Business Finances
No Lost or Misplaced Paperwork
Have you ever spent hours trying to locate a bill, contract, or another piece of paper? This is not the best way to spend your time when running a business, and that makes it one of the best reasons why you should start to organize all of your paperwork now. Once you have accomplished this, you can spend all of those hours you had used for frantic searches to create new programs and items for your small business.
No Overdue Bills
The fees you pay on overdue bills can add up rather quickly. All of those fees can cut into your profits too, so you will receive a smaller bonus every quarter. If you never want to pay a late fee again, you should spend a little time creating a plan to pay your bills on time.
Always Know How Your Business is Doing Financially
I am always shocked when I talk to some business owners and they have no idea how much money they have in the bank or how much money their business makes each year. When you have your finances organized, you can easily find these numbers whenever you want to see them.
Be Prepared for Tax Season
Tax season comes more than once a year for small businesses, since you must pay quarterly taxes. If you don’t want to be the business owner that takes a huge file box into the accountant’s office every time you have a meeting, you must get organized. I guarantee your tax meetings will go much more smoothly when you know where every piece of paper you need is located!
Ability to Create Better Financial Goals
Once your finances are organized, you will find it is much easier to create better financial goals for your business. There are many reasons for this, but the main one is that you will see where your money is going and can make changes so the money is being spent on things that matter the most for your business.
Have you taken the time to organize your small business finances yet? If not, what’s stopping you?
I know it can be an overwhelming task in the beginning, but before you know it, those papers will be safely filed where you can find them. I would love to take a few minutes to chat and see how I can help you organize the finances for your small business.