Friday, February 4, 2011

Simplifying #1: Business Bookkeeping

This past fall, I read Time Management from the Inside Out by Julie Morgenstern. One of her tips that really stuck with me was scheduling time for things that you seemed to have no time for or kept getting put off. One of those areas for me is my business bookkeeping. I'm really good about making a list of all the things I've purchased to resell, making a note of how I paid for them (cash, check or debit card) and then organizing the inventory. However, I'm not so good about doing bookkeeping on a regular basis. Up until a couple of weeks ago, all of my inventory lists, receipts and various notes were in a messy pile "organized" in a wire basket in a far corner of my desk. With state sales tax needing to be completed by the end of January, I couldn't put off the inevitable any longer. I had made some small progress each day with organizing the paperwork and getting things entered into newly created spreadsheets. However, I still felt a little panicked when I realized how little time there was to my deadline and I still had to plow through a lot of paperwork and figures. Procrastinating is definitely not my friend.

After Christmas, I purchased an Anne Taintor engagement calendar for 2011. I've gone through and scheduled bookkeeping days throughout the rest of the year and made up a list of monthly bookkeeping tasks that I put in my business control journal. My goal is by doing my bookkeeping on a monthly rather than yearly basis, it will free up much more of my time come next January.

I managed to get my state sales taxes done on the very day they were due. Good news is I'm now ready for 2010 tax time since I got caught up on all of my paperwork.

1 comment:

  1. Wow, timely post for me too as I am sitting here surrounded by a huge pile of papers spread out on my bed. I so loath tax season and each year I feel a panic too as I wonder if I am forgetting something or a receipt goes AWOL. I generally start out the year fairly well (e.g. food bank and Humane Society purchases for donation are rang up on separate transactions and filed-a great tip from our accountant), but by March I seem to not have my receipts readily available. I am attempting to pile through two-three years of papers today and sorting/filing them into banker's boxes. I will do better this year! (At least I hope I do!)