Want to Be More Efficient? Create an SOP for 1 Bookkeeping Task
As a small business owner, you know how you go about paying your bills or sending invoices. But do you do these bookkeeping tasks the same way every time for maximum efficiency? Do you sometimes miss a step? Can someone on your staff easily take over these bookkeeping responsibilities and get the same results as you do?
Develop a Baseline for Day-to-Day Tasks
Organization is a key component of the success of a small business. Companies that lack structure often experience problems that lead to disgruntled customers and stressed-out employees. To help their company run like a well-oiled machine, small business owners need to create a framework for operations. Standard Operating Procedures (SOPs) help to maximize efficiency and create a baseline for how to perform day-to-day tasks. Small business owners have so many responsibilities that it would be impossible to write an SOP for every business practice they complete. So, why not start with just one Standard Operating Procedure for an important bookkeeping task you perform regularly?
Why is a bookkeeping SOP so important?
Ensure Consistency in Your Business Finances
An SOP helps to reduce errors because everyone is following a standardized procedure. The SOP serves as a checklist to make sure you don’t forget any key steps that may lead to errors or a lower quality outcome. Essentially, an SOP helps to maintain consistent results and accurate financial records, giving you the ability to make smart business decisions.
Onboard & Train Employees with Ease
SOPs make employee onboarding and training a lot easier. New and experienced employees have clear instructions on how to perform their work. As a result, they can readily pick up and work with established accounting processes instead of floundering around for the right methods.
Improve Efficiency with SOP for Important Tasks
Developing an SOP for your most important bookkeeping tasks helps improve efficiency because tasks are done right the first time. Employees know what’s expected, so they don’t ask a lot of questions that slow down productivity. Standards are clearly laid out, so no one is guessing or fighting over who’s responsible for what.
Create SOPs to Address Common Problems
When deciding what SOP to write, think about the bookkeeping problems that crop up often. (For the most common mistakes that foul up your bookkeeping and your mood, check out our video, 10 Bookkeeping Blunders to Avoid.) These problems indicate a gap in your bookkeeping process and a need for improvement. Maybe you routinely drop the ball on paying a new vendor. Not only do you make a lousy first impression – and owe a late penalty, too! This vendor slipped through the cracks because you didn’t have an SOP for processing invoices.
Write a Standard Operating Procedure
The internet is filled with guidance about how to write an SOP, but this resource created a concise and doable 10-step process. Standard Operating Procedures help small businesses reliability produce the same results every time. Creating an SOP for one bookkeeping task is a small step towards developing profitability, efficiency, and quality for your organization.
Contact Prosperity Bookkeeping
Prosperity Bookkeeping has a full portfolio of SOPs because we realize that our clients depend on us to be efficient and accurate every time. Outsourcing your bookkeeping to a professional bookkeeper gives you the peace of mind that your business finances are up-to-date, compliant with regulations, and on-point. Let us manage your books, so you can focus on the other aspects of growing your business. Contact us today to schedule a consultation.
About the Author: Once a mild-mannered reporter and editor, Joan Koehne took on the persona of her alter ego, Wonder Writer, to launch Writer to the Rescue, the content writing division of Packerland Websites. Wonder Writer is “saving the world one word at a time” with power-packed content marketing for digital and traditional media outlets.