Most entrepreneurs don’t get into business because they love crunching numbers. However, bookkeeping is an essential part of small business development. If you plan on starting a new venture this year, these tips can help you manage your books efficiently.

How to Stay on Top of Your Small Business Bookkeeping

1. Get a Separate Business Account

Many new entrepreneurs simply pay for business expenses using their personal bank accounts and credit cards. This may seem simple, but it makes tracking your finances much more difficult since you have to separate unrelated payments. As soon as you start, open a bank account and perhaps a credit card just for your business to keep everything organized. 

2. Track Expenses as You Go

If you wait until the end of the year to go through all your payments and expenses, you’re likely to get overwhelmed. Instead, keep a running list of purchases you’ve had to make, so you can easily go in and balance everything each month or quarter. Do the same with incoming payments or earnings. 

3. Find the Right Software

There are plenty of bookkeeping solutions available to small businesses. The right one depends on your needs at the moment. 

If you’re brand-new and don’t have much to manage, a simple spreadsheet may be sufficient. If you send lots of invoices, consider a tool that integrates with your invoicing software. If you need to track expenses on the go, opt for software that lets you quickly scan receipts or add info on your mobile app. 

4. Network With Other Professionals

You may be able to handle your own bookkeeping when your business has just opened, but there’s likely going to be a time when it becomes too much for you. Even if you can’t afford to bring on extra staff, you have options. 

Outsource to a professional who handles multiple accounts for different businesses or reach out to bookkeepers you meet at business networking events. If you’re really on a tight budget, ask about bartering services instead. They may be willing to balance your books in exchange for marketing help or whatever service you offer. 

If you’re looking for business development resources or networking opportunities as you get your new venture off the ground, contact South Fulton Chamber of Commerce Inc. Serving businesses and professionals throughout the eight cities in the South Fulton County, GA, area since 1947, the chamber provides business advertising, networking events, and promotional opportunities to support business development throughout the area. Visit the website or call (770) 964-1984 to inquire about membership.