It was almost exactly one year ago that I admitted that I had some major problems keeping the books for The Strap Saver. It involved a lot of procrastination and then frustration at tax time. I made a pledge to do better for 2016 and I did… mostly. I have just reconciled everything through 2/28/17 and we’re set up for a good year. (our YTD growth is in the triple digits! Yay!)
As promised, I did spend my time entering sales during the year – because those are the most exciting. (Woo hoo!) Unfortunately, it’s an arduous process. Our accounting software is complicated and doesn’t play nice with the companies that we use to take payments. I have to enter each sale and deposit manually. It would make my head hurt every time I had to think about sitting down at the computer to make my way through the work. (note: past tense!)
Once January rolled around again, I knew it was time to prepare for my annual appointment. I was much further along than last year, (which really isn’t all that impressive, when I think about what a mess that was) but it still took a while to catch up. I knew there had to be a better way (besides hiring a professional, of course). Surely, with my vague memory of college accounting classes, I could figure one out.
It took about 8 hours of sweat, starts, wait – that won’t work, backtracking, and chocolate but I did it! I came up with a process to simplify our entries. What might have taken 4-6 hours would only take an hour. What! Of course, my tax accountant hasn’t seen this yet. (The numbers all work out to be the same, I swear.) I had the chance to put it into practice today for February and it was a breeze. I had the sales and expenses entered in a fraction of the time. (and, did I mention that we are growing?)
I did keep last year’s pledge to do better, but it still cost me a lot of hours in the last few weeks. (including missing a few really nice days cooped up in this office) This year’s pledge is to stay up-to-date. Next March I hope to only need to export our company file and send it through cyberspace to the bean counters. For now, I’ll celebrate my current success and mark my calendar with reminders for my new and unbreakable monthly date with the books.
Also – can you believe that I’ve gotten two blog entries out of tax time so far – and am setting up for a third, and this a website about a bra accessory? And you’re reading it? Now THAT is talent!