5 Things to consider before using a spreadsheet for your bookkeeping:
By: Victoria Osivnik, Going Beyond Bookkeeping
How many bank accounts, loans, and credit cards do you have for your business? If you have more than one account or credit card and any loans, you should consider using a platform in order to capture all of your expenses, including interest paid, in the easiest possible way.
You have elected to be an S-Corp. With an S-Corp as the owner/officer of the corporation you need to pay yourself frequently and reasonably. You will need to track how much withholding you have had for taxes and what you have paid tax wise.
Are you an Excel or Google Sheet expert? Just think about if you mess up a formula or manually enter something wrong. All of you data for decision making will be incorrect or incomplete.
Think about why you don't want to use a platform. Is it because of the monthly fees? If so there are platforms such as Wave that are free for basic functions and great for very small businesses. Your Bookkeeper or Accountant can also provide discounts for QuickBooks or Xero.
Why do you want to use a spreadsheet? Is it because you are not sure if you are doing your bookkeeping right? Are you worried about a bookkeeper being expensive since you don't understand the software? These are all valid questions as a business owner. Outsourcing is a huge step, but I promise it's not as expensive as you think it might be!
While these tips might be helpful, sometimes relationships just come down to chemistry! Go with your gut at all times when it comes to you business.
If you’d like to talk more about this, email me victoria@goingbeyondbookkeeping.com!
