Your business has grown so far because you know when to go your own way and you know when it’s time to take advice. That’s why you’re here. You are a busy business owner and your days are filled with endless tasks and responsibilities. Finding time for your family often feels like an elusive dream. However, by streamlining your business process, you can create more space in your schedule to devote to your loved ones and walk into tax season feeling more prepared than ever.
Below we share practical tips and strategies to help you effectively manage your business while freeing up valuable time for your family.
- Stay Organized Throughout the Year:
You’ll often hear us say, “Every Day, Just a Bit Better.” That’s because even the smallest of changes, each day, will add up to big results. Our most easily accessible and effective suggestion to reduce business-related stress is to maintain an organized record-keeping system throughout the year. This one practice will improve how you feel during tax season, reduce your time spent searching for documents, and will help you to better understand your business’ performance. For example, by keeping all your financial documents and receipts in order, you’ll save yourself the hassle of scrambling to find necessary information come tax season. Consider using digital tools like accounting software or cloud storage to keep everything accessible and secure or work with our bookkeeping service to help maintain these records for you. Added benefit is that with solid bookkeeping you will know how you have performed and where you need to make improvements.
- Delegate and Outsource:
As a business owner, it’s essential to recognize that you can’t do everything yourself. Delegate non-core tasks to capable team members or consider outsourcing certain functions. For example, hiring an accountant or tax professional can save you significant time and ensure accuracy in your tax filings. Such a professional will be a resource for you, helping to interpret complex tax matters, while providing directions on the appropriate deductions and credits for your business while you focus on other critical aspects of your business. Likewise, engaging a Fractional CFO will give you a confidant to assist in growing your business as well as a resource for understanding the language of money.
- Implement Efficient Bookkeeping Practices:
Maintaining accurate and up-to-date financial records is crucial for tax preparation, understanding your past performance, and making decisions about the future. If you choose not to delegate or outsource your bookkeeping needs, then adopt a standardized bookkeeping system and set aside dedicated time each week to reconcile your accounts. Automate repetitive tasks such as invoice generation and expense tracking using software solutions. By systematizing your bookkeeping practices, you’ll save valuable time and reduce errors.
- Educate Yourself:
There is no place for surprises in finance. While delegating tasks is essential, it’s still crucial for business owners to have a basic understanding of the language of business. This includes some understanding of tax laws and regulations. For example, by familiarizing yourself with tax deadlines, deductible expenses, and any recent updates that may impact your business, you won’t find yourself surprised by unknowns. There is nothing worse than a tax surprise! Regularly attend workshops, webinars, read relevant books, and industry best practices. Partnering with a finance professional who values education, ensures you’re well-informed, and empowers you to make strategic decisions that optimize your business success, would be ideal for the busy entrepreneur looking to free up time.
- Leverage Technology:
Numerous technological tools are available to simplify all aspects of one’s business. Explore cloud-based accounting software that integrates with your bank accounts, generates reports, and helps you track income and expenses effortlessly. Embracing technology will save you time and provide you with real-time insights into your business’s financial health. There is software to manage your inventory, so you never run out of your most popular products, manage your workflow and keep your team accountable and on the same page, and more effectively communicate with each other as well as your customers and suppliers.
- Plan Ahead for Tax Obligations:
Avoid last-minute scrambling by planning ahead for your tax obligations. Keep a calendar with all the important tax deadlines and create reminders to ensure you’re well-prepared. By setting aside regular time to review your finances and make estimated tax payments throughout the year, you’ll avoid penalties and reduce the stress associated with tax season.
Achieving a healthy work-life balance is crucial for any business owner. By implementing these strategies and streamlining your business process, you can reclaim precious time to spend with your family without compromising the success of your business. Stay organized, delegate tasks, leverage technology, and arm yourself with knowledge to simplify your responsibilities. Remember, planning ahead on your taxes and having a well-prepared tax strategy not only saves you time but also helps optimize your business’ financial performance. Prioritizing both your family and your business is possible with careful planning and effective execution.
