Is Your Long Island Bookkeeper finding where you Long Island Business is losing money?
The end of the month is here, and you’re looking at your Long Island Bookkeeper wondering where did all the money go from my small business bank account? While running your business you have kept track of your big expenses—groceries, rent, Etc…
This is why it is so important to have a Long Island Bookkeeper who manages your books and cash flow. It is easy to think that it is just a $10 transaction, right WRONG!
The one thing that is clear is that you got a money leak, an unidentifiable expense. The more you keep looking, the more you realize it’s not the only one. In fact, once you add up those mystery expenses, you find a good chunk of your earnings gone. A Long Island Bookkeeper would have helped you realize those expenses a long time ago and would have created a solution to properly allocate and plan for them.
A Long Island Bookkeeper would have been able to help you avoid the problems with money leaks in your Long Island Small Business. The problem with money leaks is that they prevent you from saving for the things you need, and left unchecked, bad spending habits can keep you from meeting even your minimum monthly payment obligations.
So what can you do? Here are three simple tips to help you start fixing those leaks.
Take An Honest Look At Your Spending Habits
This is painful, I know. But if your Long Island Bookkeeper is going to plug that leak, we need to find it first. So this first Long Island Bookkeeping tip will be the longest and require the most work.
Long Island Bookkeeper Tip #1:
If you haven’t been keeping paper receipts, you need to start now. Grab a box and place it in an easy to access spot (near the entrance is usually best). Drop receipts there when you get home: empty your pockets, check your wallet or bag, and make sure they all go in.
For online purchases, make sure to download and either print the invoices (those can go in the box too) or keep them in a folder on your computer.
Now let’s have a look, your Long Island Bookkeeper needs to know what you are spending your money on, and should you be spending it on the things that you are spending it on? As a professional Long Island Bookkeeper I am not asking you to only buy the bare necessities (an occasional treat is good for you :-)), but there will be times when you need to tighten the financial belt. Knowing what to cut is an important first step.
Speaking of online shopping…
Long Island Bookkeeper Tip #2:
Watch Online Purchases
Your Long Island Bookkeeper knows that online shopping is so convenient, right? Unfortunately, your Long Island Bookkeeper knows it can be too convenient if you’re trying to save.
One-click buying options and stored payment information lead to impulse buys (those late-night shopping sprees!). And these purchases can blow that leak wide open and all of the extra effort that you and you Long Island Bookkeeper has spent will be for nothing.
You Long Island Bookkeeper is suggesting that you disable any options that make the process quick and easy. For example, delete credit card numbers; if you have to enter all those numbers every time you want something, that’s extra time you have to rein in the impulse.
Long Island Bookkeeper Tip #3
Set a Budget
As a Long Island Bookkeeper and as I mentioned earlier, non-essential purchases aren’t necessarily bad; they just need to be limited if your Long Island Small Business wants to save money.
This is where a monthly budget that takes these treats into account comes in handy.
Once you and your Long Island Bookkeeper had an in-depth look at your expenses and how they’re affecting your finances, you’ll be able to calculate how much you can afford to spend on non-essentials. Start counting at the beginning of the month, and once you’ve reached the limit (because you’re still keeping those receipts, right?) extra spending must stop until the following month. Having a Long Island Bookkeeper will help you reach these goals and determination pretty quickly.
In time, you’ll find that you’re more careful with how you choose to spend that extra money, and make fewer impulse buys which will help your Long Island Small Business and make you Long Island Bookkeeper very happy. .
You Long Island Bookkeeper hopes these tips help you get back on track with your spending. As always, we would love to hear back from you with any questions or comments!