Spring break, spring cleaning and tax preparation. What do they all have in common? It’s what most of my contacts on social media are currently doing, thinking or stressing about. Ah, spring! We seem to both love you and dislike you at the same time. And speaking of time, every small business owner is trying to figure out how to make time for these tasks right about now.
My family chooses a stay-cation most spring breaks and we use that extra time at home to catch up and clean up. And, by “we” I mostly mean “me.” I find myself using the extra time to wrap up the last details of bookkeeping for my business so I can get our taxes done and off my desk. Partly because of that pesky tax deadline. Also because I long to clear out the clutter from the previous year and start fresh.
Keeping a clutter free work space helps me be more productive. Meghan wrote last week about the energy in your work space and setting up systems that support growth. Speaking of systems, do you have one in place for your business bookkeeping? According to the National Small Business Association’s 2017 member survey, 55% of small business owners spend at least 70 hours getting ready for that April 15th deadline. I wonder how many of them log that 70+ hours in February or March too! A bookkeeping system that is easy to use will help shave hours off the time you spend on tax prep. And it will likely save you a bit of your sanity as well!
Having a bookkeeping system in place is the first step toward stress free tax prep. Making time to use it is the second. Much like you block off space on your calendar for a party, or making customer calls, you also need to set aside time to keep up with your business finances. Scheduling it on your calendar means you never have to squeeze it in when you find time.
I have never been able to find time. I find lonely socks behind the dryer and Nerf darts under the couch, but I have not once found extra time lying around!! Setting aside time to review your finances on a regular basis gives you the ability to assess business growth and financial stability. AND you will also be ready for that April 15th deadline LONG before it arrives. And that, my friend, will feel like a wonderful breath of fresh spring air!!