With the start of a new Financial Year, it's time to get your act together and think smart!
If you are anything like 'old' me, you would have a handbag full of receipts, an over flowing glove compartment in the car and a shoe box labeled 'business expenses' that's practically empty. This is because you, like 'old' me, is completely disorganised. It's a bit of nightmare when it come to tax time and even less useful for measuring the growth and potential of your business.
So, 'new' me decided that this was no good! Now 'new' me has a simple log system that I am just dying to share with you!
BUT FIRST, WHAT ARE SOME OF THE ADVANTAGES OF KEEPING A MONTHLY FINANCE LOG?
- It is much easier to collect everything together at tax time, saving you time and stress and ensuring you get that much needed tax return sooner.
- You will have a less clutter on your desk, in your bag and on your shelves. Everything is in one place, neat and tidy.
- Keeping track of your finances helps your business to grow. It enables you to set goals, see what products and services are bringing in the most income and allows you to identify expenses that are not working for you!
HOW TO GET YOUR FINANCES IN ORDER
1. Start tracking your Monthly Finances using the Monthly Finance Log I created or something like it. By simply keeping one record of all incoming and outgoing money will help you to focus your business operations and spending.
3. Speak to an accountant or finance planner to ensure that you are getting the most out of your business.
SO WHAT'S THE MONTHLY FINANCE RECORD?
I have developed a monthly finance record for my own use and I decided that it has been so helpful, that I wanted to share the 2015-2016 version with you. For free!
You just need to print it out, pop it in a folder and start keeping track of your monthly finances.
The Monthly Finance Record has a bunch of pages that will help you to not only track your finances in one place but the act of engaging with a logbook like this will keep you motivated to make more profit and grow your business!
The Monthly Finance Record includes:
- An annual look at your profits, product/service expenses, business expenses and total profit.
- A glimpse back at the year before as a point of comparison.
- A reflection sheet that encourages you to think about what worked for your business last year.
- An area to set goals for the year to come.
- Monthly Recap sheets to track income and expenses.
- Dedicated pages to sales income, business expenses and product/service expenses