Business
The amount of time you spend on your business finances can vary, but if you utilize an automated bookkeeping system, then 30 minutes a week is a good expectation of time. There’s no one-size-fits-all amount of time estimate and your time spent may vary depending on the week, month and quarter. Today, we are discussing what financial tasks you should tackle on a daily, weekly, and monthly basis and how to maximize your bookkeeping system. Find out how to maximize your time and your finances! What we’re talking about How Much Time Should I Spend On My Business Finances? How Do I Manage My Finances In Just 30 Minutes Per Week? Ways To Create A Finance Schedule How Much Time Should I Spend On My Business Finances? Realistically, you should expect to spend 30 minutes per week on your business finances. There may be heavier weeks around the end of money with bills; the 1st of the month when you arereconciling bank accounts and looking at previous months; and around the end of the quarter or year when cleaning things up for your taxes. Utilizing a strong integrated, automated system will allow you to spend just 30 min a week on your finances. In order to get to a goal of 30 minutes per week, start by using a digital bookkeeping software, such as Quickbooks Online, Zero, or Wave. The reason a digital bookkeeping system will reduce so much time is because the software connects to your bank account. Bookkeeping is… 50% recording transactions 50% categorizing what the transactions are The 2 main processes in bookkeeping are 1) recording income and expenses AND 2) categorizing how you made the money along with how you spent the money. How Do I Manage My Finances In Just 30 Minutes Per Week? How do you get to the goal of doing your finances just 30 min? What else can you do to reduce the amount of time on your bookkeeping? The first thing you should do is a systems audit to figure out what tasks are taking you the longest amount of time. Prioritize the tasks that take you the longest to complete. Remember that resources are money but time and energy is also an important resource that you don’t want to waste. Ways To Create A Finance Schedule Let’s talk about what taking care of your finances looks like from a practical standpoint. You need to ask yourself what are the best habits where the work is manageable for you and to create a schedule from it. Your schedule should include daily, weekly and monthly tasks. On a daily basis you should: Check your account balances. Know how much money you have and think about what expenses are coming up. If you keep paper receipts, then you should clear them from your wallet and organize them. Open financial mail and deal with it every day. If you work hourly, enter the time you work every day. Invoice your clients Log business mileage On a weekly basis you should: Manage your bills. Deposit checks. Updating your invoice tracking sheet. Send invoice reminders Track your income and expenses. On a monthly basis you should: Reconcile all of your accounts. Run and review your profit and loss statement. Look at your numbers for trends and patterns. Calculate your tax savings and transfer money to your savings account. Pay yourself. Update your home office tracker by logging expenses such as your internet and cell phone bills. Are you ready to tackle your finances in just 30 minutes a week? LINKS MENTIONED Biz Finance Survival Kit: https://andismiles.com/survivalkit Design Your Perfect Bookkeeping System (Masterclass): https://andismiles.com/money-masterclasses/ Essential Bookkeeping Tasks for Your Business (Mini-training): https://andismiles.com/essentialtasks