Hearty Congratulations!! You have been a business owner who is capable of turning your passion into a profitable business.

You would get your hands on something that you love. This is what most of the business owners strive for. However, when it comes to a long list of to-do tasks that you might not love doing, you try to avoid those. Sometimes, these tasks are very important to keep the business going. The most often cited one is – Bookkeeping.

You can always argue and defend on buying and operating a professional software solution on your system. But what if you are unaware of the technical glitches happening during installation, processing, operating, and maintaining thereafter! You may try surfing the Internet and finding a suitable solution. But is this not consuming your precious time that you must invest in business expansion activities?

With this problem stated, there are many other ways that technology has offered for the business owners. Have a look at some of the alternatives at the other bookkeeping options available for your accounting records management. You have unnoticed bookkeeping solutions that are with you.

• General Ledger Book: 

Since ancient times, the businesspersons have been using paper ledgers for accounting management. Don’t be afraid to revert to the era of paper and pen if this works for you!! This allows your customize your expense and revenue generation categorization. Additionally, you will be able to develop a tracking system that adds value to your business.

What is most important is to track all your revenues and expenses – no matter how insignificant it maybe!! Additionally, make sure that you make copies for papers, just in case you might require it.

• Microsoft Excel^® Software:

Not comfortable with using a pen and paper? Microsoft Excel is always there for your rescue. In spreadsheets, you can customize the fields as per your requirement or business nature. Also, the spreadsheets’ features allow your transactions to be tracked. However, you also need to become familiar with Excel Functions like SUM, VLOOKUP, COUNT, MAX, and MIN. These functions can help total your liabilities and assets in a flash!

Once you are comfortable with the software and other basic functionalities, you can upgrade yourself with the other Excel Formulas and pivot tables.

• Outsourcing Your Bookkeeping Requirements:

This is probably the best way to track your income and expenses. The reason for hiring a professional bookkeeping service provider is not just because you cannot do so but because you want to focus on business development activities. While hiring an experienced and professional bookkeeping service provider, you would ensure that all the tasks are being performed accurately. They can additionally help you with setting goals, reconciling your finances on track, and with your taxation services.

While you are outsourcing your bookkeeping services, you get ample time to focus on what you love, instead of what you dislike. This will shift your focus on your business growth along with a competitive edge in the market.

You are the best person to decide on your firm. This article will help you to re-analyze your requirements and your business model.

Good Luck!!

For more information about unnoticed bookkeeping solutions, please contact us on ankit.mehta@ascendum.com.au