Easy ways to get a handle on your bookkeeping
If you want to grow your wealth, you have to have systems and processes in place to help you keep track of it in the first place. We talked about this in episode 48, and today we’re hearing from another accounting expert who has some tips to make your bookkeeping simple, easy and consistent.
Meryl is a Chartered Accountant who specializes in cloud accounting software Xero. She founded Bean Ninjas in July 2015 with $1,000 following Dan Norris's 7 Day Startup methodology. Now 4 years later the company operates in the US, UK and Hong Kong and has a distributed team of 15 people.
Meryl and I talk about why it’s so important to keep good records from the beginning of your business - even if you only have one rental property. We also chat about what Bean Ninjas does for clients, how to effectively keep track of your receipts, and what you need to know about how to use your accounting software.
In this episode, we’re discussing…
The importance of keeping solid records the whole time you own and operate your business.
Why Meryl recommends a cloud-based accounting software for entrepreneurs.
How to manage receipts so you’re not scrambling at tax time.
Why you should either educate yourself on your accounting software or pay someone to set it up for you.
How a separate bank account can make it easier to run your business efficiently.
Meryl’s Top Tips:
It’s important to have good records – if you want to build wealth and make good business decisions, you need to know how your assets are performing. Don’t miss out on all that data - capture it from the beginning for a fuller picture of your business and its evolution.
Automate some of your accounting tasks, but schedule time to review your books – utilize apps that make bookeeping easier and more accurate, but be sure to set aside time consistently to review your chart of accounts and profit & loss statements.
Don’t hesitate to get help – if you don’t want to learn all the ins and outs of bookkeeping yourself, don’t be shy of hiring help. Good books are vital to a healthy, scalable business, so if you’re not doing them, get a professional to!
Resources:
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Meryl Johnston | Bean Ninjas | LinkedIn | Bean Ninjas Podcast
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ABOUT MERYL JOHNSTON
Meryl is a Chartered Accountant who specializes in cloud accounting software Xero.
She founded Bean Ninjas in July 2015 with $1,000 following Dan Norris's 7 Day Startup methodology. Now 4 years later the company operates in the US, UK and Hong Kong and has a distributed team of 15 people.
Bean Ninjas were finalists in the Bookkeeping Firm of the Year category at the 2018 & 2019 Australian Accounting Awards and Xero Partner of the Year (QLD) in the 2017 Xero awards. Meryl was also a finalist in the "Entrepreneur of the Year" category in the 2019 Women in Finance Awards.
Prior to Bean Ninjas Meryl ran a consulting firm, worked at international accounting firm BDO and taught accounting at Central Queensland University.
