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Bookkeeping

Your eye is on the big picture. You are focused on the job, not the mundane activities that are needed to run a successful business. Animal trainers don't usually learn about bookkeeping at school. Instead the focus is on animal care and behaviors. That makes a lot of sense. However, if you are a consultant or a small business owner, knowing about the day-to-day operations of running a business is vital to the success of your company.

You might say to yourself, “but I'm not a business owner.” If you run a veterinary clinic or a doggie daycare center, you are a business owner. Consultants who work out of a home office also must keep on top of paperwork, bills, and invoices. If the terms “balance sheets” and “income statements” make your eyes glaze over, it's time to turn to an accountant for help.

It's a wise idea to take a basic business course. It may seem obvious that clients won't pay if you don't send out invoices. That's where bookkeeping comes in. It's important to keep track of the money that comes in, goes out, and is billed to clients. You really have to play an active role in keeping track of all financial transactions.

It's also essential to keep on top of getting paid for your services. Send out invoices as soon as you can — preferably within twenty-four hours of services rendered. On the invoice, include a due date, which is usually thirty days. If a check isn't sent within that time frame, it is important to send out a reminder invoice with a polite note stating that interest will be charged if the bill isn't paid by a specified date. You can also follow up with a phone call.

ssential

To guarantee that you get paid on time, have people pay you by credit card as soon as the work is complete. Accepting credit cards will cost you a few percentage points, but you will be paid promptly. Also ask clients for the dates of their bill-paying cycles. If they send out payments on the fifteenth of the month, and your invoice gets to them on the sixteenth, you will have to wait a month to get paid. It's best to send out invoices as soon as the job is done.

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  3. Taking Care of Business
  4. Bookkeeping
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