With the new year approaching and if you’re looking to grow your business in 2019 and beyond, you need to get started in the right way.
To get the growth you’re hoping for in the coming years, you should make sure your business is organized.
This is easier for a large business with a huge budget plus plenty of time to dedicate to staying organized.
But how can you make sure your small business is in order when you’re strapped for cash and you only have a few employees (or none at all)?
There can definitely be the pain of fighting desperately against the disorganization that affects every small business and even if you’re using the best tools to grow your business, success can lag if you aren’t putting the right things in place to make sure you’re growing.
Here are a few pointers to help:
1. Manage your office space and storage
To get started, you need to make sure your physical surroundings are neat and organized.
This ensures that you’re able to perform at your highest level. In many ways, the organization of your entire company is determined by how organized your desk is.
To start with, make sure everything has a specific place, even if that place is in a pile of papers on your desk.
Since paperwork tends to consume a lot of the time and resources of most office workers, you should consider storing this offsite.
This means you’ll spend less time managing your documents, and you can be sure they’re safe and protected better than you could yourself.
2. Manage your expense receipts
If you’ve been running your small business for any length of time, you know how frustrating it can be to manage all your expense reports.
They’re a hassle to track and record, but they need to be managed so you can stay up to date with taxes and ensure your finances are in order.
You can’t just put them off when more important work comes up, though. You should track each purchase and transaction weekly.
Use software like Expensify that does all the work, keeping your expenses organized and recorded so you can focus on the things that really matter.
3. Go paperless
If you want to reduce the clutter and management that are associated with all the papers you need to keep up with, it might be time to go paperless.
This means that, instead of keeping track of dozens of files and folders all the time, you just reduce everything to digital scans of the most important documents.
If you’re going to try this, you need a way to quickly scan documents on the fly so you don’t struggle to keep up with the workload.
CamScanner is a great app for scanning your bills and other papers quickly and easily. It allows you to keep the files in the app, but you can also transfer them to your computer.
If you need to share these files with a team of individuals, I recommend keeping your archived files in a program like Dropbox or Google Drive.
This ensures that everyone in your small business is up to date with the most recent documents, but you don’t have to worry about extensive file management offline.
4. Keep track of invoices and payments
Every small business needs to manage payments, invoicing, and billing. This is a critical set of tasks that keep the business alive, but it can be a struggle to keep everything organized.
Instead of constantly working to make sure this is effective for you, consider using a program like Xero (LINK) or Quickbooks (LINK) to handle your invoices.
Remember, the vast majority of the payment information you need to manage doesn’t directly affect the quality of your work or appeal to your core competencies, so for any of these types of administrative tasks, direct them to software to save time for yourself.
The fewer tasks you need to complete in a day, the more you can focus on the areas that really appeal to you and help you to accomplish what you need. Also, remember that Flat Top Bookkeeping is here to help you with your bookkeeping needs so you can stay focused on growing your operations.
5. Plan ahead for quarterly taxes
If your business is based in the United States, you’ll need to make sure you pay the quarterly taxes that are due every few months.
Even if you’re not based in the U.S., however, you need to stay updated on the tax policies for your country and region. This isn’t just something you should think about organizing.
If you aren’t in compliance with the tax regulations where you live, you could end up paying fines or even being shut down.
To make sure you’re staying up with the taxes and paying the amounts that are due at different times, give us a call and see how we can help.
If you’re looking to grow your business in 2019 and beyond, you need to make sure you’re organized to handle the inevitable growth you should expect to see.
In order to do that, you need to make sure your finances are in order. Be sure to track your expense receipts and transactions and ensure you’re ready for any taxes that need to be paid during the course of the year.
If your finances are organized, you need to make sure your office space is organized, too. Use some proven methods for boosting productivity by organizing your storage space.
And while it might not be a solution for everyone, considering going paperless. Store all your documents in the cloud, and shred the extra papers cluttering your workspace.
Your time is one of your most precious commodities as a small business owner, so make sure it’s organized as best as possible.
If you have questions or would like help with any of these tips above, reach out to Flat Top Bookkeeping and see how we can help you today!