Ask anyone who has set up their own business for their advice on the subject of time management, and they will invariably tell you to outsource. They will insist that there are not enough hours in a working day and that you must focus on what you are best at while leaving others to take up the slack. If you are thinking about following this road yourself, you should take this advice to heart and without a doubt when it comes to your books. What are some of the main things to remember here, and what should be your key takeaways?

Record-Keeping

To begin with, always keep detailed records. You may think that certain transactions are obvious and that you will remember the detail when it comes to the end of the month, but you'd be surprised at how the passage of time can dull the memory. Those printed receipts that you may pick up when you spend petty cash may become illegible as the cheap ink fades on the paper, and then you may have no record whatsoever going forward.

Digitisation

You don't always have to keep physical receipts. You may be able to use software tools and take a digital image of each receipt as and when you get it. You will nevertheless need to ensure that your filing system is up to the task, as if you cannot find those records when needed, your calculations may turn out to be incorrect.

Tax Affairs

Don't forget that the tax authority has teeth. If they want to perform a detailed investigation into your business, they can insist that you produce receipts to back up any expenditure claims. And don't forget, you may be obliged to keep them for many years, either in hard copy or in digital form. Now you can see how important it is to have a structure in place, make sure that you always save the file properly and store it carefully in the cloud.

Accurate Planning

When you have accurate books, you will be able to plan more effectively. You will know how much money needs to be set aside for tax obligations and can set up a separate account if needed to accommodate. You'll be able to get on top of your cash flow as well and make sure you always have funds available for any important bills as and when they arise. Just imagine how stressful this scenario could be otherwise if you do not know where you are from week to week.

Outsource to the Expert

As mentioned, you need to focus on what you are good at. Consequently, hire bookkeeping services from day one, so that you can outsource all of this detailed work and not be caught hopping in the future.