Be That Business Newsletter #16: Three Hacks on How to Catch Up your Business's Bookkeeping

Do you know what your profit was last month?  Where are you at on your business bookkeeping? Are you doing it yourself, or are you outsourcing it? In either situation, being behind is not a good feeling.
Not only is it not a good feeling, but it is also costly! Not knowing how your business is performing, or knowing where your liabilities are at, is not only stressful, but effects your business decisions, cash flow, loan and grant applications, and can cause late filing penalties! But you look at the growing pile at the end of the day, and with the depleted energy of a busy entrepreneur, you reason "it's not on fire...", so you put it off.
Great news! This Newsletter's Hacks are all about how to tackle the pile and get motivated to git'r done!
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1. One Month At A Time - If you do have a large pile looming, don't see it as one giant overwhelming monster. Break it up into smaller pieces. When I tackle a large 'arrears' bookkeeping job, the first thing I do is separate it into month. (Call back to last month's hack; as the paperwork comes in, file it in To-Be-Processed folders by month. Do that as it comes in, and then this sorting step is magically done! If you are outsourcing the bookkeeping, know that you will be paying someone else to do this if you don't use that magic hack). Once separated by month, instead of seeing a large pile, now you have 12 smaller, easier to tackle piles. Now your focus is to get January done. The major bonus of focusing on just the first month, is that you may find answers to repeating monthly items that will save you time later. As you get each month completed, it will feel like running down hill. You will get into a rhythm, and that rhythm will be easier to pick up again as you come back to it each week. As you complete each month, reconcile the bank and credit card, and solve the missing items. Then move on to the next month.
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2. Time Yourself and Schedule the Work - Time yourself and see how long it takes to do one month. Now you can make a catchup plan! If it takes you 1 hour to put in and reconcile January, and you have 12 months to complete, schedule one hour every M,T,W,T for the next 3 weeks! The end is now in sight! Or carve out two hours every Saturday for the next 6 weeks, you'll be caught up in less than two months. Knowing how long it takes will enable you to put together a plan to git'r done. If you are outsourcing the bookkeeping, still schedule time each week to work on what needs to be done to have your service provider git'r done. Check in. Answer the questions. Take control. The squeaky wheel gets the grease. Also, a bookkeeper with all the info they need is more efficient and will cost less in the end.
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3. Catch Up and Never Give Up - Keep up the schedule for completing the current bookkeeping. Just like laundry, the pile will be ever-present. Even if you outsource your bookkeeping, you are in control of the paperwork, and in control of how often you work with your provider to get it done. If you start a routine now, instead of spending hours chasing missing paperwork and catching up on bookkeeping, you can set up the processes for it to be more efficient, less intimidating, and also have your business's financial data at your fingertips to help with business planning, business decisions, on time tax filing, cash flow, loan applications, grant applications, and the all-round success of your business. This isn't a task to be procrastinated, it's your key to success, it is HOW a business is run. If you fall behind, accept that it happened, catch up, and try implementing *different* processes and habits to keep current on the bookkeeping easier. Don't give up and say 'well, it's not my thing'. You are an Entrepreneur. It IS your thing. It's how a business is run. So catch up, try again, and never give up on finding the right solution for you to succeed. You are an Entrepreneur... you were born to solve problems! YOU GOT THIS! Catch up and never Give up!

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What are your personal tips and tricks for creating efficient processes? I'd love to share them in an upcoming newsletter, and give a shout out to your business!
​Be Intentional Today!
Get out there, and Be That Business That Thrives!