The first step is basic — take a good look at how your money is being managed, and by whom. Excel spreadsheets? Word documents that have notes scribbled on them? A filing system that consists of ‘to pay’ and ‘to bill’? And who is managing it? Your mom/ sister/ brother/ uncle? Temp help? The office administrator? Gather all your notes and scribbles and say, “Thank you very much” to your overachieving but under-qualified money manager and proceed to the second step.
The second step is to gather your financial scribbles and ‘get organized, baby!’ You need software to manage your money, and people with the know-how to organize it. Quickbooks is by far the most popular small business accounting software, and Quickbook Pro Advisors are easily found, even specific to your industry. Buy it, install it, and hire someone to manage it. A QUALIFIED Quickbooks advisor is essential, they will save you time and I promise you, lots of money in the long run. Check references and use your network for referrals. There are lots and lots of good bookkeepers, but you need a GREAT bookkeeper. Hire them, and pay them well, as they will become your backbone in your growth.
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