Keeping track of your business transactions is important for several reasons. First, it allows you to see where your money is and what business areas generate the most income. Second, it helps you keep tabs on expenses to budget accordingly.
And third, it gives you a clear picture of your overall financial health. If you have not organised your transactions in the past, now is the time to start.
Here are a few tips on how to get started:
1. Use Business Bank Cards
One helpful tip is to use business bank cards for all of your business transactions. This way, you can easily track where your money is going. Business Bonsai Cash bank card will give you a statement to itemise all of your transactions at the end of the month. The visa card is also helpful as it can be used anywhere that accepts a Visa. This is a great way to see where you spend the most money and what business areas you need to cut back on.
If you do not want to use a business bank card, you can always get a personal credit or debit card with similar features. Just keep track of all your expenses, so you do not get overwhelmed at the end of the month.
2. Use Software
The easiest way for you to keep track of any business transactions done by your company is to use software to do it for you. Software like accounting software can track all the transactions made by your company. With this software, you can easily input all of your transactions, where they will then be sorted and organised for future convenience. No longer will you have to scramble around the office for receipts and invoices as everything will be kept tidy and in one place.
When it comes to using any software, there is a learning curve to understand how to use it fully. But once you have a grip on the software, it will be a breeze to keep track of all your business transactions.
3. Connect Your Bank Account to Software
If you use software to keep track of your business transactions, you can connect your bank account to the software. All of your transactions will be automatically entered into the software. As humans, we are forgetful creatures, and sometimes we forget to input all of our transactions. This is a great way to stay on top of your finances and ensure that all of your transactions are accounted for.
Connect your bank account to the software and let it do the work for you. This is a great way to get an accurate and up-to-date picture of your business finances.
4. Use an Excel Spreadsheet
Another way to keep track of your business transactions is by using an Excel spreadsheet. This method is best for those who are more comfortable with numbers and formulas. You can easily set up an Excel sheet to input and track all of your business transactions. The great thing about using an Excel spreadsheet is that it can be customised to fit your specific needs.
You can also create formulas to help you calculate and analyse your data. If you are not comfortable using software or do not want to invest in any, using an Excel spreadsheet is a great alternative.
5. Receipt Scanners
If you like to keep physical copies of their receipts, a receipt scanner is a great option. You can scan and save all of your receipts electronically with a receipt scanner. This way, you will have a digital copy of your receipt that you can access. Receipt scanners can be purchased for a relatively low price and are easy to use.
Scan your receipts and save them onto your computer or cloud-based storage system. You will never have to worry about losing or misplacing a physical receipt again.
6. Hire an Accountant
If you are struggling to keep track of your business transactions, you may consider hiring an accountant. An accountant can help you keep track of your finances and ensure that all of your transactions are accounted for. Hiring an accountant may be an additional expense for your business, but it is worth it if it means that your finances are in good hands. If you are not comfortable managing your finances, hiring an accountant is a great option. An accountant can also offer you valuable advice on better managing your money.
Keeping track of your business transactions is important for several reasons. You can easily keep track of all the money coming in and going out of your business by following these tips. This will give you a clear picture of your financial health and help you budget accordingly. Do not let another day go by without keeping track of your business transactions.