Tips For Making Efficient And Easy Bookkeeping For Every Business Owner
JAKARTA - Bookkeeping may not be a fun business activity, but it is very important to do. This will help your business thrive in the long run. Although it sounds troublesome, actually bookkeeping can be made more efficient and simple. One of them is using software. Journal is one of the accounting software that is often used in companies.
At the start of the year, organizing your books is a great way to go. To make bookkeeping in your company better, do the following five simple ways.
Replace the Manual Bookkeeping System that Uses PaperNow is no longer the time to do manual bookkeeping. The use of paper is probably one of the main reasons why bookkeeping is a highly disliked business activity. Searching for old receipts and financial documents among piles of paper can be very tiring and of course frustrating, so it's best to replace your manual bookkeeping system with an automatic one.
By using an automatic bookkeeping system, you no longer need to spend a lot of time looking for your financial documents, no more mistakes in your books, because the system records them accurately. Last but not least, you don't have to worry about losing your financial records, because everything is stored in a centralized system with a high level of security.
Separate Business and Personal Bank AccountsEspecially if you have just opened a business, it may be tempting to use a single bank account for your business and personal needs. However, this is not a wise move. Your business money should not be your personal money.
As a business owner, you should not use company money unless it is for your business needs. Separating business and personal bank accounts can help you monitor cash flow, understand income and expenses, and use your budget more wisely. Apart from that, it also shows the professionalism of your business.
Take Time to Manage Financial RecordsNo matter how busy you are, take the time to focus on the administrative side of your business. Choose a certain time to ensure that all your financial records are properly stored and your cash flow is running smoothly.
Don't forget to check every invoice you send and bill customers who haven't paid you. You also need to ensure that all invoices from vendors or suppliers are paid on time, for healthy cash flow.
Understand the Financial Condition of Your BusinessTo be able to know the financial condition of your business well, you need to make four types of financial statements that are important for your business, namely income statements, cash flow statements, changes in capital reports, balance reports. These four types of financial statements can help you make better financial decisions. The following are the functions of each of these financial statements:
Income statement: helps you find out if your business is making a profit or loss Cash flow statement: helps you understand each and every money coming in and going out Capital change report: gives you information about changes in your business capital and what caused those changes Balance sheet report: helps you find out the total assets, capital and debt of your company Perform Short & Long Term Financial ForecastWhere will your business lead in both the short and long term? What are the prospects for profitability, expenses, cash flow, and capital requirements? The answer can be found right now by making a financial forecast.
A financial forecast should take into account all your expected expenses and income, and include best and worst scenarios. This is a valuable resource that you can share with your investors. More importantly, it also provides projections that will help you set realistic goals and make smarter managerial decisions.
To be able to make high-precision financial forecasts, you need accurate financial data. Accounting software that is often used in companies from Jurnal by Mekari can ensure the accuracy of your financial data. With its financial forecasting feature, you can even generate financial prediction data for both short and long term in just seconds.
Jurnal.id is an accounting software that is often used in cloud-based companies to manage a better bookkeeping system for Small and Medium Enterprises (SME) owners that can be accessed anywhere and anytime.
Jurnal.id can also connect business owners with professional accountants who will help businesses to manage and assemble their financial plans and save time from administrative and operational processes at an efficient, fast, and effective price so that they can focus more on developing their business.
In addition, the Journal has also used a cloud computing management system, so that the existing data will be stored properly. You can also do the accounting process safely, quickly and easily. In addition, the Journal has many features in it such as:
Purchase feature in which there is a detailed and complete purchase order and invoice feature. Automatic invoicing and tax calculation. Cashlinks. Making financial reports and many other features. Stock ManagementBy using Journal, you can also access data in real time, anytime and anywhere. Enjoy a free trial opportunity for 14 days.