The holidays are firmly in the rearview mirror and it’s time to get back to work. And no matter when your fiscal year starts, January is a great time to commit (or recommit!) to good bookkeeping habits…
Capture Expense Receipts at the Time of Purchase
If you ever find yourself scrambling to gather up your expense receipts after a business trip or when tax time rolls around, now would be a good time to commit to recording your receipts at the exact moment of purchase. Instead of holding onto a disorganized mass of receipts, snap a picture of them in the moment and file them right away. This is easy to do with Kashoo’s mobile apps.
Set Due Date Reminders
Once you’ve dedicated some time in your schedule to handle your books, why not set some automatic reminders while you’re at it? Keeping on top of deadlines and due dates for things like filing dates, invoice due dates, and regular bill payments will help you better manage your cash flow—and that means a healthier business. (Pro Tip: Set calendar reminders for the whole year. Have quarterly estimated tax payments due at intervals throughout the year? Set reminders for all of them so that they don’t sneak up on you!)
Keep a Paper Trail
Get in the habit of keeping track of all expenses, bills, and invoices to ensure you get paid on time and avoid unnecessary hassles further down the line. We’ve covered the importance of effective invoicing before, but it bears repeating: clear, organized invoices (and proper follow-up with customers) are key to getting paid on time, and will really come in handy should you ever find yourself getting audited. And tracking expenses, bills, and bill payments within Kashoo is easy.
Commit to the Cloud: Ditch the Shoebox and Spreadsheets
If you still haven’t made the switch to cloud accounting, the new year is the perfect time to take the plunge and try out some online accounting software. Instead of countless spreadsheets and a shoebox full of receipts, streamline your company’s bookkeeping. It will help you keep track of your finances and make it dead-easy to share information with your accountant and business partners.