How To Hub: A little discipline for easy bookkeeping

One of the most boring things that hit you in the face, when running a startup is bookkeeping. In most cases in your previous career you have been shielded from dealing with accruals and deferrals and other interesting things. Now those VAT numbers on your receipts actually become important in your life.

Bookkeeping is absolutely vital. If you’re running a business your goal is to turn a profit. Profit gives you the ability to invest and turn your business into a sustainable one. In order for you to understand how you’re actually doing your books need to be in tip-top shape.

There are different methods and even a few cloud options to help you keep your books current. The single most important thing I learned and I am sticking to is: For every invoice I send or receive, for every receipt I get I immediately save it and put it into a binder in an orderly form (paper or digital). This is of tremendous importance, when I do my bookkeeping every quarter.

Having a small locker at the hub, where I store my  receipt & invoice binder helps me to ensure that our company’s financials are easily kept-up-to date. It’s still a boring task to add all the individual bookings to our P/L- statement, but at least it’s not a nightmare. No sifting through an odd box of assorted receipts, invoices and other slips of papers.

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