Meet Stewart. He’s our entrepreneurial friend who owns a web-design agency. He’s successful, he works hard, and his business is growing. Unfortunately, Stewart is also his own accountant, which means he struggles to find a balance between bookkeeping and running a company. Like many business owners, Stewart makes novice accounting mistakes due to his lack of expertise in the field.
The Solution: By adopting good habits and embracing technology, business owners can better manage their books and maintain credibility with vendors and clients. We suggest setting time aside each week to focus on things like accounts payable. It may take a couple hours at first, but over time the process will become second nature and take just minutes to complete.
Improving bookkeeping processes is esential–there is no reason to rely on writing checks and taking trips to the post office. Technology has made paying vendors (and yourself) an easy, streamlined process. Ditch the file cabinets and paperwork and start using apps like Bill.com to pay invoices at your convenience.
Even though Stewart had every intention of paying his vendor and went as far as filling out and signing the check—he ultimately forgot. Don’t be like Stewart. Make life easier and adopt technology that will pay vendors and keep business on track.