The Joys of Bookkeeping | MyAdminMyWay
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The Joys of Bookkeeping

Ok, I know numbers are not everyone’s favorite thing to play with, and they’re not mine either, but I really enjoy organizing things and that’s really what bookkeeping is, even if it is mostly with numbers.

Bookkeeping is organizing everything – receipts, cancelled checks, invoices, monthly statements, etc. I love to see items all lined up in neat rows with like items. Once you get items organized they can tell you lots about what you are doing, especially numbers.

Since baseball teams keep track of everything, they notice that one player always manages to hit the ball no matter what, so they have the information to decide to use him as a pinch-hitter in a particularly point-scoring way.

If you were keeping track of your receipts you would notice that one client hasn’t paid in three months, but two others always pay on the spot, so you could initiate late payment fees and/or give good clients kudos.

5 Benefits of a Good Bookkeeping System

With a good bookkeeping system, you:

  1. See patterns and trends in your spending and invoicing that are useful to your business planning.
  2. Develop a data source: you and your accountant need data to analyze to determine next steps for your business.
  3. Save money by highlighting those bills that you can get a discount on if you pay them early and those that have finance charges for late payments.
  4. Know exactly how much of your recent loan payment was principal and how much was interest. Did you realize you were paying that much interest every month/year?
  5. Allow you to create the reports you need to be able to actually tell whether you are making a profit or not.

I’d love to help you organize your books, so contact me.

P.S. Next time I will give you some insight into what the IRS expects from your bookkeeping efforts.

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