Bookkeeping – Do you love it or hate it? So the last few weeks I have followed a new path in my Virtual Assistant Journey. I have been inputting a company’s books on to Xero and what I like about it is the simplicity of it. Yes at the moment the accounts are in a mess but as the days go on a beautiful butterfly is emerging and the accounts will be fully coded and the balance sheet and profit and loss will be a beautifully crafted picture and of course, will tell a story just like a CRM.
It’s hard to go wrong with it but again like minutes, I know that the majority of people will be scared because again it’s to do with taxes or VAT but Xero does it for you.
There are similar packages available. I am using Quickbooks for my own business accounts and again the simplicity for me saves me time. It is all connected to my bank so when I go to my desk in the morning the transactions have been downloaded and all I need to check the coding and press match. At the end of the month I reconcile against the bank statement and then I print the Balance Sheet and the Profit and Loss for ‘my story’.
For example, my biggest expense has been networking. I am getting 80% of my work from networking but how well is it working? So using my accounts and CRM I tracked my sales and narrowed it down to two groups Thursday Breakfast and NN Connect and that is where I am putting a lot of time too. It really does work. I have cut out unnecessary subscriptions so I have cut back my costs and in my second year, I am turning a profit something which I am very proud of.
So if you would like your accounts to tell you a story, cut down on accountancy fees because they are putting together your accounts and let them get on with their job of showing how you can grow your business then give me a call today as I can train you 1-2-1 or input your accounts for you and make sure you are balancing your finances.