Are you ‘on top of the books’?
Businesses have had a lot to cope with this year, from scrambling to get online, eCommerce, furlough schemes, basically just trying to survive 2020! It is not surprising that we may have let back-office tasks slip.
First, don’t panic, grab some coffee and follow these tips:
Gather receipts – you should be keeping digital copies of all receipts and scanning them to your accounting software, but we know this task can slip! Gather that pile and get scanning.
Chase up invoices – Make sure tagging is up to date in your accounting software of payments received. Then follow up on any outstanding invoices. If you have forgotten about anyone or have been hesitant to send another email reminder, do that now.
Adopt a Digital-First Attitude – Here’s the easiest tip of them all: stop getting paper receipts and store everything digitally. Then, all you need is the software to collect everything in one place, which many of them will automatically file all receipts and invoices accordingly.
The first step of catching up is simply to start! Get caught up and you will feel empowered. Don’t wait until January 28th and attempt to process everything before the tax deadline! That’s when mistakes are made!
