Small business owners tend to try to do everything themselves for as long as possible. But as you grow, you're likely to find that keeping up with tasks like bookkeeping becomes overwhelming if you're doing it all on your own.
To help you help yourself, here are a few ways to share the accounting load with partners, employees, and others.
1. Use Integrated Software
As your business grows, regularly assess the software you use to do certain projects. Many small companies start with an accounting software and software that controls individual pieces of equipment. But business software can often integrate many different parts of your business - from accounting to purchasing to inventory to job costing to manufacturing.
The more you integrate, the less repetitive input you'll do, the more you can access data from different departments, and the more options you have for growth.
2. Share the Numbers
The chart of accounts allows you to easily input information into bookkeeping software that tracks costs and even jobs. But many owners end up having to identify each item to be input, assign it a chart of accounts number, and then enter it. This slows you down and prevents this process from being done by someone else.
So, don't keep the chart of accounts information to yourself. A chart of accounts number should be required on every receipt turned in, every petty cash transaction, and every purchase order issued.
Follow that up by assigning numbers to jobs and requiring those numbers be put on everything having to do with that job. While it may take some time to get everyone trained, it will speed up data entry and prevent you from having to ask these questions all the time. Using numbers like these also helps your software and reports keep up with business growth.
3. Create Routines to Delegate
Delegating projects is often hard for small business owners. But there are undoubtedly many small tasks you can get help with because they are repetitive and regular. Make note in your day of simple jobs like entering receipts and vendor invoices into your software, printing customer invoices or statements, and balancing petty cash. Choose one task that you dislike so that you're motivated to delegate it successfully.
Write down the steps as a basic process - preferably less than ten steps - then assign the task to someone in the company. Once they've done it, have them help you rewrite the instructions. Now you have a task that anyone can do, thus freeing yourself up for other work. The more regular and repetitive you can make the task, the easier it is to offload it.
4. Connect with Banks and Cards
Large companies now offer technology to help reduce your need to input data. Utilize your bank or credit union's download features, connecting with them to dump your transaction data into your software once a day or once a week. You can often download data from your credit card or point-of-sale platform. And when you choose mobile apps, try to make sure they are compatible with your bookkeeping software or your bank's system.
5. Outsource Work
Finally, perhaps the easiest way to start delegating bookkeeping work is to outsource it to an outside service. Even if your budget is limited, look for a service to handle specific, time-consuming tasks like closing the books monthly, preparing payroll, or following up on open invoices. As your needs grow, look for a service that can do more for you.
Are you ready to start getting help with your accounting tasks? Make an appointment to talk to the accounting pros at Wright, Ward, Hatten, & Guel, PLLC, today. We can help you save time and energy by delegating and streamlining all your bookkeeping projects.