When it comes to managing one’s business finances, having systems in place is key. Entrepreneur magazine suggests that business owners follow three simple tips:
1.) Have a separate checking account and credit card for the business.
2.) Capture receipts effectively, and consider using Shoeboxed for painless receipt scanning and management.
3.) Have a system for entering receipts.
There are variety of ways to automate your expenses and receipts directly into your accounting software. Clint Haynes of Kansas City Financial Planner and President of Nextgen Wealth says, “One solution is to use an American Express credit card that will directly link up your debit or credit cards using Quicken and Expensify.” However, if you’re utilizing a spreadsheet that isn’t connected to accounts, you’ll have to manually enter receipts. If this is the case, he recommends entering them on a weekly basis rather than a monthly or quarterly one. Devote 30 minutes or so a week to take care of this. While it might seem hard at first, if you keep at it. It can become a well-oiled routine in no time.
For more details on these and other tips for being a successful entrepreneur, you can read more at entrepreneur.com.