So how did you do?

The correct answer to each of the questions is TRUE.

If you scored anything less than 6 out of 6 on these questions about your business bookkeeping, then it is time for action...

Let us be the first to say that current versions of small business bookkeeping software such as QuickBooks are absolutely wonderful tools.

The features and functionality they contain for the modest prices charged provide a truly remarkable suite of tools and reports to use in managing your business.

Unfortunately, many small business owners rush out to their local big-box retail store, make the purchase, install the CD, and think they are magically turned into bookkeepers. In reality, it simply doesn't work that way.

Solutions for Bad Bookkeeping Practices

#2

Create a business policy that documents how and when you will follow up with those customers who are "a little slow in paying." Stick to it - otherwise, your customers will stick it to you.

Get in the habit of running an Accounts Receivable Aging report on a regular basis (at an absolute minimum of once per month) preferably two or three times per month. For any accounts identified as slow-paying, apply the policy created above to get that outstanding cash in your door and out of their bank account.

Solutions for Bad Bookkeeping Practices

# 3

notyouraveragebookkeeper