Updated: Mar 28, 2019
You are busy, we get it. Here are five tips to keep things simple and make your life a little less stressful as an entrepreneur.
So you have more time for moments like this if you want.
Tip 1: Use apps to your advantage.
"There's an app for that." And while I'm not a huge fan of having a ton of apps, there certainly are some great apps out there that can make life simpler.
Have trouble keeping your receipts, bills, and statements organized? We recommend #Hubdoc for that. Yes, you can snap a quick photo of the receipt someone just handed you and email it to a customized email address and it will get automatically sorted, and can be pushed directly into your accounting software from there if you are using something like #Xero or #QuickBooksOnline.
Is time tracking a pain point? Let's talk #TSheets. Paired with the right payroll software, you can really make payroll a lot less painful. There are many powerful features with this tool. One we've had a few clients get excited about is the kiosk feature where you can't have a buddy clock you in if you are late, because you can set it up to snap a picture as they clock in.
Tip 2: Consider moving your bookkeeping to the cloud.
We won't say the cloud is for everyone's business. However, we will say there can be serious advantages to having your bookkeeping in the cloud and it may be worthwhile considering. The biggest pro is having access to practically real-time data allowing you to know more faster.
Now you don't have to wait for a month/quarter/year to close out and be processed to know how you are doing. You can see within a day or two where things are at and hopefully be able to use that information to make positive changes faster. We could go on about this for a while, so we'll probably follow up with another post on this topic.
Tip 3: Keep business transactions on business cards, and personal transactions on personal cards.
If we've said it once, we've said it a million times. There are a quite a few reasons why this is important. Doing this makes it easier for anyone doing the bookkeeping to know what's what which means you get asked fewer questions. You will probably find that you have fewer transactions being put to drawings/shareholder loan because you weren't sure why you had that purchase. Which leads to our next tip.
Tip 4: Keep your receipts!
Missing receipts can causes so many problems. This often isn't an issue for a business until it really is, and then there is often nothing you can do about it. We are big believers in building a system that works and following it.
The best system for receipts that is working for so many of our clients, is to snap a picture and email it in to Hubdoc or #ReceiptBank where it will be filed, stored, and can go directly into your accounting software. It's then really freaking easy to search for a receipt if you need it for some reason, it's not going to fade out and not be accepted in an audit if heaven forbid that should happen, and the part we love best as bookkeepers, we can claim back the correct amount of the ITC on your GST/HST and save you money when it's time to pay your GST/HST.
Tip 5: Know your requirements with the Canadian Revenue Agency (CRA) and meet them
Sorry, this one can be a painful topic for some business owners, there is nothing worse than getting behind with the CRA and then trying to catch up on the past while staying on top of the current requirements, there are possible late filing fees, penalties, and non-deductible interest. And if you take too long, they can seize your bank accounts.
If you are scared of the little brown envelops that they send in the mail, it's time to get someone (we suggest your bookkeeper or accountant) to sit down with you and explain what's due when and how to plan for that. If you are making money above a certain threshold (it changes depending on the type of tax we are talking about), you may even have installment payments you should be making either monthly or quarterly.
Did this post help you out? Let us know. We'd love to hear what you have to say.