Can you relate to any of these statements?
I feel like I am always behind. I stress when tax time comes. My lack of organization makes me wonder if I am financially secure. I don't want to get in trouble with the IRS. I am always behind and don't know my numbers. I am afraid that I am not getting the benefits of deductions I know I should get.
These are things that entrepreneurs have told me they feel when they are not on top of their bookkeeping. We know that creativity decreases when we are in a state of stress and for many people being behind on their bookkeeping or not having a bookkeeping system at all keeps them in an almost constant state of stress. Sure it comes and goes but it's an underlying nag that zaps our energy.
Here are five common things that keep us from getting our bookkeeping done and what to do about them:
1. Lack of Bookkeeping Knowledge - I feel most vulnerable when I don't know how to do something. I recommend that even if you are going to hand over the bookkeeping to someone else that you understand how it works. You can start with a simple system such as using a Dome book or an excel spreadsheet and keeping your receipts. You can buy a Dome book at any office supply store and there are how-to instructions included that explain how to use it. If you want to use accounting software, this is something that you can learn. Empower yourself by finding a good teacher or watching online tutorials to get started.
2. Feeling Like You Don't Have Time - You are an entrepreneur. It is your responsibility to take good care of the money that you have been entrusted with. When you have your own business you can no longer just do the work that you love. You have to take care of all the other aspects of running a business and one of those is bookkeeping. I know that when I say I don't have time, this is a copout. The truth is that I haven't decided to make the time or figure out how to get the help needed to get it done. I invite you to move your bookkeeping up to a high priority and enjoy the peace that doing this will give you. I know it's not sexy but doing your bookkeeping is a power move.
3. Trusting Someone To Do It For You - This is a huge one that holds a lot of people back. There are simple things you can do that let your bookkeeper know you are keeping a good watch that will prevent theft. Internal controls are something you can learn and put in your processes that will take much less time than continuing to do the bookkeeping yourself. You can also check references and even do background checks for an employee or accounting professional you want to work with. A big part of this is also to trust yourself and your gut feelings. This can be tough in an area where you feel vulnerable. If needed, bring someone else into the process of finding someone to help you.
4. Cost - There are often costs that you are already paying that you could save by being on top of your bookkeeping. Cost such as late fees and penalties for late payment of taxes really add up. If you add up these avoidable costs you might have the start of your bookkeeping budget. Other money to be found is the opportunity cost of the time you spend doing bookkeeping that you could be spending on revenue generating activities. Get some quotes so you know what the cost really is and then figure out a way to bring in enough revenue to cover it. You will be surprised what you come up with.
5. Seeing The Truth of Your Business - This is the scary part. I am sure you put everything you have into your business and especially in the beginning the numbers don't always reflect that effort. Get support of another business owner, accountant or coach you trust that believes in your success as much as you do. Things feel much worse when you keep them in your head and deal with them alone. Let your fears out to breathe fresh air so they can move through you to be replaced by power and possibilities. When you know what your numbers are you can make educated decisions and strategically plan your next business moves.
By Carol LeBlanc ----->Article Source: http://EzineArticles.com/7984935
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