With the new year brings a fresh start for many peo­ple.  A time to put the pri­or year behind you and begin the new year with a clean slate.  It is also a time to look at how you have been doing things so that you don’t repeat the same thing again.

I am 5 episodes into the Net­flix series Tidy­ing Up with Marie Kon­do.  She states that you should only keep things that “spark joy”.  There are things that “spark joy” in your busi­ness and there are things that don’t but are nec­es­sary.  I have found that book­keep­ing is one of the things that def­i­nite­ly does not “spark joy” for a lot of busi­ness own­ers, but instead sparks anx­i­ety!  What Marie Kon­do does is bring order to things.  Every­thing has a place.  If we can look at book­keep­ing in that man­ner, it can cre­ate more peace & less anxiety.

Cre­ate Stan­dard Account­ing Pro­ce­dures and Doc­u­ment the Whole Process to ensure that you fol­low basic book­keep­ing and account­ing prin­ci­ples with­out miss­ing any impor­tant steps.  To make the task eas­i­er, cre­ate a check­list that cov­ers the stan­dard pro­ce­dures.  Hav­ing doc­u­ment­ed pro­ce­dures ensures con­sis­ten­cy for when dif­fer­ent peo­ple han­dle the account­ing duties.  Review­ing those process­es and updat­ing them reg­u­lar­ly can help you remain effi­cient and con­tin­ue stream­lin­ing your process.  This is espe­cial­ly impor­tant as your busi­ness grows, and things become more complex.

Automat­ing Account­ing Process­es saves you time and ener­gy when per­form­ing book­keep­ing duties.  Automa­tion also helps to remove com­mon human errors.  Are there reoc­cur­ring trans­ac­tions that can be set up in your account­ing soft­ware?  Cus­tomer invoic­ing, ven­dor bills, reg­u­lar ven­dor pay­ments, to name just a few, can all be set to post/print auto­mat­i­cal­ly.  You can link your bank accounts and cred­it cards to your account­ing soft­ware to help elim­i­nate some of the mun­dane data enter­ing that every­one dreads.  Most account­ing soft­ware use arti­fi­cial intel­li­gence when trans­ac­tions are brought over from the bank.  You won’t have to wor­ry that your util­i­ty expense will get post­ed to office supplies.

Del­e­ga­tion is one way to “spark joy” in your busi­ness.  The new year is a good time to ana­lyze what you’re doing with your time and resources.  Is book­keep­ing some­thing that you need to be doing?  When you are con­fi­dent in your account­ing process it is time to let some­one else man­age the book­keep­ing so that you, as a busi­ness own­er, can focus on why you went into busi­ness for your­self in the first place.

Let 2019 be the year where you don’t encounter sur­pris­es as it relates to your business’s finan­cial health.  Let it be the year that your finan­cial house is in order. Let this be the year that you have joy!

If you would like help with imple­ment­ing any of the above step, please con­tact Mack­ey Advisors.