Whose Reconciling your Accounts?

Who's reconciling your accounts? Your accountant won't be handling this task; it's up to you to take charge. If you find yourself short on time, hiring a bookkeeper can ease the workload. However, even with professional assistance, it is best practice to match your transactions to receipts and invoices in Xero. This often leads to double handling and time-consuming back-and-forth between yourself and your bookkeeper.

Instead, consider taking on the administrative tasks yourself, by reconciling your own accounts, you can free up your bookkeeper's time to assist with more complex tasks. Not only does this reduce your accounting costs, but you also gain a clear understanding of your cashflow at all times. DIY bookkeeping is a great way to ensure your books are kept in shape whilst ensure you have full control on your accounts.

Try following the below tips to help you stay on top of your administration

Set Regular Time Aside: Allocate specific time slots in your schedule dedicated solely to administrative tasks.

Use Technology: Utilise software and apps to streamline administrative processes, such as accounting software, project management tools, and cloud storage for document organisation.

Prioritise Tasks: Identify urgent tasks and prioritise them accordingly to ensure they are completed promptly.

Create To-Do Lists: Make daily or weekly to-do lists to track tasks and ensure nothing slips through the cracks.

Stay Organised: Establish a system for organising paperwork, files, and emails to easily locate information when needed.

Automate Where Possible: Implement automation tools for recurring tasks like invoice reminders, appointment scheduling, and email responses.

Outsource Non-Core Tasks: Delegate administrative tasks that don't require your expertise to free up time for more important responsibilities.

Continuous Learning: Invest time in learning new skills and techniques that can enhance your administrative efficiency and effectiveness.

Assessing these factors can help you determine whether it's time to hire a bookkeeper to ensure your financial health and support your business growth.

By dedicating some time to familiarise yourself with these tools, you can maintain accurate financial records, ensuring a clear picture of your financial health without the need for professional bookkeeping services.

Working with Ako Cash Flow, you will not find traditional bookkeepers but rather a team dedicated to empowering you to become your own bookkeeper. Our approach focuses on providing you with the tools and knowledge necessary to manage your finances confidently and effectively. Through our resources and support, you will learn how to track your income and expenses, understand cash flow management, and make informed financial decisions that align with your goals. We believe that by equipping you with these essential skills, you can take control of your financial journey and foster long-term success in your personal or business finances.