Why Bookkeeping Is An Important Part Of Business?

If you are the sole owner of your small restaurant, chances are that you’re doing it without a bookkeeper. As you juggle responsibilities — checking off the items on your to-do list — the administrative functions take a back seat to creating sales. And when there is a moment of down time, it usually means rest and relaxation and then it is back to the daily grind.

At the end of the day, without updated books, there is no concrete way to know how much of the “busyness” of business is paying off.

Bookkeeping is an important part of business – Scheduling regular bookkeeping days allows you to stay on track with business financial goals.

Here are a few ways to carve out time and stay on track with bookkeeping:

Look at your schedule
Look at the days and times that you currently have available in your schedule and block out a bookkeeping time that works for you. Allow nothing including client appointments, marketing, emails, or phone calls to go in its place.

Create a Filing System
Where and how you maintain financial records will be important in this process. Select a location that’s convenient for storing receipts until time to update the books. Find one spot to store these receipts otherwise when you need to retrieve them you’ll waste valuable time looking for misplaced items. Finally, consider scanning your receipts and important documents to your hard drive to increase productivity and efficiency.

Use a Checklist
Having a list of items for bookkeeping and keep it handy, along with important contact information for your accountant, banker, and credit card companies. This helps if you have questions for them so that you won’t have to interrupt the bookkeeping time.

Do this at a time when you are not stressed
Working with hard to read or ripped receipts can bring out the frustration in anyone. So be sure to schedule bookkeeping during your productivity peaks in your day. If that means, put on music, go for it! Whatever you choose, make sure that it’s something that motivates, not distracts you.

Take Breaks During the Process
Too much of a good thing, including stellar bookkeeping, can overwhelm you. It’s at that point that many entrepreneurs give up and throw in the towel. Remember to take time out for a stretch or a fifteen minute walk. It may be just the thing to re-energize you.

Check Your Progress
As you put these ideas in motion it is useful to put accountability measures in place. For example, you could work on customer payments the first hour, bills from vendors the next and banking entries in the final stretch of bookkeeping time. Track your progress. The goal is to keep moving until the work is complete.

Setting time aside is the single most important step to becoming a more disciplined financial manager in your restaurant. Take each suggestion in this process one step at a time and you will see better books in record time.

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Are you really ready to transform your restaurant's finances? Whether you need Monthly Bookkeeping, a Catch-up Bookkeeping service, or want to embark on our DIY Bookkeeping Course, we've got you covered. Have questions or need more information? Don't hesitate to reach out. Let's talk about how we can support your business. Schedule your FREE 15-Minute Call today and let's get started on your path to stress-free bookkeeping!