Let’s be honest, those 3 little letters usually sends shivers down many a small business owner’s spine.
As if the day to day running of a business wasn’t keeping you on your toes enough, but every quarter it’s time to clear your head, sit down and reconcile the accounts.
So this quarter we have a gift for you; here’s a few of our secrets to make it slightly easier…
Schedule A Meeting With Your Admin:
- There’s nothing worse than realising you haven’t been keeping up to date with your general Admin and bookkeeping – panic sets in!
Tip: Schedule your admin time into the calendar and stick to it – like you would any other appointment
Don’t attempt to undertake this job at 10pm after a long hard day!
Monday morning’s is our Admin time, as we are safe in the knowledge that the ‘hard work’ is done for the week. But most importantly, we then have the rest of the week free for the important stuff – such as working with clients.
Organisation is the Key:
- Invoices in the Inbox – but can’t remember if you have data entered them or printed them off and filed them?
Yes, it does seem like a silly question, however this happens more often than not!
Tip: The simplest way to avoid this – and duplicate entries – is to print off the invoice immediately and place in a pile to action on your Admin day.
Work through on Admin Day to update your accounts and file the electronic and hard copy.
Or if you don’t keep hard copies – place the electronic attachment immediately into your financial software. Most applications such as Xero and MYOB can create purchases or ‘link’ them to an existing purchase – which means you are filing them straight away!
- It’s easy to ignore filing…until it’s overflowing and taking up your entire desk.
Tip: File as you go, eventually you won’t even notice you’re doing it!
Alternatively, set aside some time at the end of the week to file. When you return on Monday morning, you will have a clear desk and a clear head to start the week with.
- Your business receipts easily get lost or are misplaced.
Tip: Have an extra wallet / purse or even a plastic zip lock in your bag or glove compartment to keep receipts in, for any expenses whilst on the road – this saves them being ‘thrown’ into pockets (which will probably go through the wash) and other unlikely places.
During your Admin time – take out the wallet/zip lock and enter the receipts.
- Have you got your Bank Feeds set up on your financial software (MYOB or Xero)?
Tip: By using the Bank Feed application – it’s a quick and excellent way to match your entries versus your bank account, saving time with the forgotten entries such as ATM withdrawals.
- Are you finding that no matter what you do, you’re still struggling to find the hours to undertake the admin tasks required for your business, including BAS?
Tip: This is a good sign – it shows that your business is growing! But have you considered outsourcing the admin/bookkeeping areas of your business, to relieve some of that stress?
Remember, BAS time doesn’t have to be a headache – there are a few simple ways to avoid the head-on collision – as long as you stick to them.
By Carly Hopgood