Summer is here and in full swing. The sun might stay out here on Cape Cod, which would be amazing. It’s not usually this cloudy. Ok, back to the topic at hand. The first thing most business owners avoid when the weather improves is generally the tedious or so-called little things. Or maybe you are a part of many seasonal businesses out there, and summer is where all the money is made, so focus shifts, and the tedious things fall to the back burner. In either scenario, finances usually fall into the tedious category, like staying on top of your bookkeeping. But as the summer sun shines, it’s still essential to keep your business’s financial records organized. So, I’ve put together some helpful tips to ensure your bookkeeping stays on track during the marvelous sunny season.
Streamline your expenses
Whether it’s business trips, educational conferences, team outings, or summer promotions, make sure to record all expenses and keep receipts organized accurately. Sometimes it’s as simple as writing on the paper receipt and scanning it. This will simplify your bookkeeping process and make tax time easy breezy.
Embrace cloud-based bookkeeping software
Take advantage of cloud-based accounting software like QuickBooks Online or Xero, which enables you to access your financial data securely from anywhere. This can give you the flexibility to enjoy your summer adventures while staying connected to your business’s financial health.
Review your budget
I’m going to say it again and again, no matter the season. Review your budget often and adjust as necessary. Summer often brings unique business opportunities and challenges. It’s incredibly stressful for those seasonal summer businesses that rely on tourism and the weather. Take time to reassess your budget and adjust your financial goals for the upcoming months. Your revenue can be drastically up or down and will need adjusting. Ensure you allocate resources strategically to maximize the season’s potential.
Stay on top of customer invoicing
Don’t let delayed payments disrupt your summer flow. Set up automated invoices and follow-ups as much as possible. Send out invoices promptly and follow up with any overdue payments early. Don’t wait sixty or ninety days. Address it up front right when you know it’s coming overdue. Maintaining a healthy cash flow is crucial for a successful season.
Remember, even during the summer, your business’s financial well-being deserves attention. Implement these tips to maintain smooth bookkeeping practices and enjoy a stress-free summer!
Schedule a call with us today to learn how we can help keep your finances organized throughout every season.