The task of reviewing your financials is often left on the back burner due to it being a daunting and time-consuming task. Small business owners would often choose to do more operational and managerial jobs rather than face and understand these numbers. While this is understandable, business owners should still set time to look at their financials whether by month or by quarter. Remember, your understanding of the numbers in your financials can make or break your business.
To help you, here are some time management hacks you can practice while you review your financials:
Create a to-do list
Like in general time management hacks, you should still create a to-do list while your review your financials. According to research done by Dr. Gail Matthews, a psychology professor at Dominican University, human beings are 42% more likely to achieve their goals if they write them down.
Your financial documents hold a lot of information that can be hard to swallow if taken in one single bite, so make sure you divide and outline how you go through them one by one. Dividing it down by bite sizes also lessens the daunting feeling it gives. Doing this can also give you time to think about what you really are looking for in your financials.
Ask guidance from your professional bookkeeper as they can point out where you should need to look first and what are the things you should be looking for.
Don’t put everything on your to-do list
Now that you have your to-do list, it’s time to see if everything really should be there. This is a great time and reason why you need a professional with you. Make them check your list and ask for guidance on how you can better optimize it. They are the professionals and they know how to do this quickly so make sure you listen to their suggestions.
Avoid multitasking and block distractions
Multitasking is a form of distraction. While some may believe that being able to multitask is a great and special skill to have, most of the time, it is not the most efficient way to do things. Spinning numerous plates at once can cause some plates to fall and shatter, that’s why it is still better to focus on one at a time.
This especially applies when you are reviewing your financials. You would want to keep your full attention to it as these numbers are very important for the decision-making process of your business. You don’t want just half of your mind handling this. Besides, it will be faster if your full brain power and effort is exerted to reviewing rather than having a lot of distractions pulling you away from your focus.
Work with People Who Can Leverage Your Time
If you have a bookkeeper or any financial professional, it’s time to book an appointment and tackle this task with them. The best and fastest way to review your financials is to ask for guidance from these experts. Surely, they have already created the best and time-saving process in reviewing and presenting financials with business owners.
Make sure you make use of their expertise to help you save time but still gain the financial knowledge you would need for your business.
If you need help with your financials, accounting, and BIR tax compliance, feel free to contact us! F&Q Accounting Services is here to help you! Contact us today at firstname.lastname@example.org or at +639179158125.