I spoke too soon. These few weeks of summertime takin’ it easy have been easily filled up. Before I knew it, I was shopping for school clothes, taking the kids to eye appointments and filling out school forms. And the first email for flag football was delivered to my inbox yesterday. Ack! Fall is lurking right around the corner trying to steal my focus away from the now. Well, I’m not giving up summer without a fight. I’m taking a stand. I’m making a statement.
No, I’m not boycotting fall. I do love sweater and jeans weather and pumpkin spice lattes! I’m simply making last minute plans to squeeze in some lake time before the end of summer. My idea of making a statement this August will be trading down time at home for good times at friends’ cabins before the kids hit the books. Speaking of statements, are your business statements making your job easier? They should be.
Back to Basics Tip #3: Make your statements work for you. Your bank and credit card statements, that is! Do you co-mingle your personal and business financial transactions? If so, you are unknowingly making more work for yourself when it comes time to catch up the bookkeeping for your business. Especially when you are starting out, it can be easy to blur the lines between business and personal spending and income. Get into the habit of keeping it all separate early on by setting up a separate bank account and credit card for your business. And be sure to use them only for your business transactions. You’ll spend considerably less time recording your expenses each month if you don’t need to sort your business transactions out of your personal ones.
Want another time saving tip? Use a month end cutoff date for your statements. Lining up your bank statement with other monthly records will make it much easier to reconcile your statement and track expenses. Now that’s making your statements work FOR you!
How are you taking a stand and making a statement to push fall back a little bit longer? We’d love to hear how you are squeezing in your summer fun! Leave us a comment. And come back next week for another back to school, back to basics tip for your business.