Do you wonder if you’ve outgrown your bookkeeping spreadsheet, whether there’s something better, easier or quicker out in the world?
Today’s blog is about some of the signs that you need to scale-up your bookkeeping spreadsheet. If you’re already using a bookkeeping software (online or desktop installed) you may still find some relatable points in here.
There are some amazing bookkeeping spreadsheets out there BUT there are also some less than average ones and unless you are a spreadsheet guru you may not realise which category your sheet falls into.
1. You are entering data manually
There are somethings you can’t automate or upload like preparing invoices but then there are ways to auto fill data like expenses and bank transactions. If you are entering every single thing that happens in your business manually then even a simple and free bookkeeping software would probably save you some time and reduce potential human errors.
2. The functions are all manual
Does you sheet have automated reports and totals on how much income, expenses and profit you’ve made. How much has been processed in each category and the ability to break this down into various time periods (months, quarters, your Christmas rush)? This is something pretty much all bookkeeping softwares do, all you need to do is tell the software what you want to report.
3. You need to rework it for other purposes
If you’re having to create a different thing for your accountant, a different thing for tracking your cost of goods sold, a different thing for knowing how many sales you’ve made from markets, etc. This piecemeal approach really does create significant inefficiencies in your process. Bookkeeping softwares bring together a the financial functionalities and with the right software you could even track your inventory and profit on each project or revenue stream.
4. It only really does one thing
If your sheet is only really good for one purpose, like your invoicing OR tracking expenses OR calculating how much you’ve spend on creating your products then you’ll find a bookkeeping software opens up so many more options. Your data will all be in one place so you can do some sweet reports. You won’t have to piece together information from different places. You’ll only have to remember how to log onto one systems.
5. The best reason I’ve ever heard
“If I have to look at that thing one more time…”
This doesn’t just apply to a bookkeeping spreadsheet though. If something is seriously giving you all the bad vibes PLEASE make a change if you can. If you can’t face looking at the Wave logo or the Xero interface or the colour of MYOB makes you want to cry then change it. Stop pushing against yourself, do yourself a favour, give yourself a break. If you have the time, inclination and money to change to a new system then do it, if that’s what it means to get you back to bookkeeping it will be well worthwhile.
Do you even have a bookkeeping spreadsheet? If you’re still doing this on paper or botching together different systems (hello invoices in a word processing format and digital receipts in your emails and paper receipts…somewhere) you could seriously upgrade your business by switching to an all in one solution aka a bookkeeping software. It doesn’t have to cost the earth, there are free options, there are easy options and you can do it.
If you want someone to guide you through the process then let’s chat about my one month VIP program where together we set up a bookkeeping system and learn about how your requirements work in the system, work on your pricing or inventory management and figure out a cash flow plan to make sure you have enough to pay yourself and the ATO. Book a free chat to find out more. It’s currently $425, we get together four times in the month and you walk away knowing exactly what needs to be done and when.
Free Live Training
If you’re bookkeeping takes FOREVER and a DAY then join my live training on Wednesday 26th August at 2pm to get my plan on getting it done in under an hour a week. Sign up here.
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