Whether you are a new or been in business for years one of the chores you have to deal with is bookkeeping. This is especially on the mind of new agents as they are looking to establish their processes and systems. What is your bookkeeping strategy?…. A variety of approaches can work, but sharing your experiences and ideas can help us all!
Here are a few approaches, which combination of approaches work for you and why? This is a good time of year to “self-assess” every aspect of your business.
As we know as small business professionals, one of the biggest challenges can be to develop routines and “habits”. We tend to be “reactive” rather than “proactive” and things can get out of control very quickly.
Hopefully, this little chart is a tool that can help you make decisions on what bookkeeping routine or habit works for you? Be sure to establish the “Who, When, Where, and How”
| WHO? | WHEN? |
| __ Bookkeeper | __ Daily |
| __ Spouse/ family | __ Weekly |
| __ Tax accountant | __ Monthly |
| __ Combo of above | __ Once a Year |
| __ Random (when I have time) | |
| WHERE? | HOW? |
| __ Phone or Tablet | __ Enter receipts |
| __ Computer Software | __ Enter Receipts then Reconcile |
| __ In the Cloud | __ Import bank data |
| __ Pen and Paper | __ Import bank data and then Reconcile |
| __ Spreadsheet | __ Random (depends) |
As both an agent and a bookkeeping software provider to real estate agents, I’m always interested in how agents are handling the bookkeeping part of their business. Hope this chart provides some food for thought on how you can develop a strategy.
