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AccountingStartups / SaaS

5 Tips to Put Your Accounting on Autopilot

By July 28, 2017 No Comments

Automated accounting

Time to Automate Your Accounting Function

Your new business is up and running. You have customers, but you have no time. You’re working late into the night, not paying enough attention to your family, friends, and health. But it’s all going to be worth it. And right now you need to buy your newest employee a phone and you probably need some food. But because you’ve blended your work and personal accounts since you started, you’re probably going to pull out your own credit card, tell the new guy to bring back the receipt, and you’ll hand over a tip for the pizza from your own wallet.

Fact: You Don’t Have Time to Follow Every Dollar

You’re busy building an empire and you don’t have time to be a bookkeeper.

You’re already CEO, CIO, and head of sales .But the receipts are piling up in a drawer and you’re not sure which money belongs to you and which belongs to the company. What happens if your next client is The Big One? Are you going to deposit that check in the same account that pays for your groceries?

Sooner or later you and your partners are going to have to sit down, take an hour (that always turns into five) and figure out your finances. It happens every few weeks when you run out of money to pay your own bills and end up borrowing from the company. Or vice versa. Stop repeating this time-consuming process.

5 Steps to Successful Startup Finances

This doesn’t have to be complicated.

Take 5 simple steps that will guarantee you can stay productive by putting your startup’s accounting on autopilot and managing your finances simply and efficiently. Allow technology to do the work, so you only need to check in a couple of hours a month. The rest of your time can be devoted to work.

Step 1: Open a Separate Bank Account for Your Business

Go to your preferred bank, whether online or a local branch, and open a business account.

Start to deposit revenues into your business account. Start to pay all expense from the account . If you pay for something personally, submit your business and expense reports , and pay yourself back. Don’t gripe about the expenses report suggestions either — you’re the one paying for stuff out of your personal account). If you want to truly be productive, carry that debit card around with you for incidental purchases. You should be paying everything out of the business bank account in the first place, and this is an easy way to track it.

If your business is not yet cash flow positive, write personal checks to the business account to fund it. Having a separate account will help you figure out later how much you have put in the business through loans or additional equity contributions.

Want all 5 steps to put your business accounting on autopilot? Download our free ebook below!