I’m starting an initiative for business owners to do their bookkeeping in FIVE MINUTES PER DAY rather than leaving it all to the end of the year.
If you’re on Xero or similar software this would be:
1. Raise all your sales invoices and quotes. (Don’t forget to add a button to the invoice template if you take card payments. Remember to set up recurring invoices for regular clients. And don’t forget to turn on invoice reminders)
2. Mark any accepted quotes so that they can be converted into invoices
3. Forward electronic receipts to your Automated Bill Entry on Xero or Dext
4. Take photos of any other receipts using Hubdoc or Dext
5. Reconcile your bank by matching against the sales invoices or purchase bills/receipts. (You can set up recurring transactions for regular bills)
All this can be done through apps on your phone. When bookkeeping is this simple it’s not just kids who will be glued to their phones .