Life is a balancing act, especially if you’re a small business owner and have a family. As a bookkeeper and accountant, one of my favorite things to do is to balance the books. I like to make sure what goes in and what comes out is accounted for. I guess you could say my life is a lot like that too. I like to make sure I balance my work/home life so that both my business and my family get equal ME time.
This week, I’m going to make some comparisons between balancing your books and balancing your work and home life. Here are my favorite suggestions:
BUSINESS: CHOOSE YOUR ACCOUNTING PERIOD AND
HOME: MAKE PLANS AND STICK TO THEM – First things first when you’re balancing your books, you need to choose an accounting period. Will you balance your books every calendar month or every quarter? If you have a set date, managing your books will be doable. If you miss a month, you could wreak havoc on your entire accounting system.
The same goes for balancing your work and home life. Write upcoming dates down on a family calendar and share it with your family. Fill out your calendar a month at a time, and try to stick to the plan. You’ll find writing things down is a good way to keep track of important dates and a great way to eliminate those “events” that don’t bring value to your life.
WORK: BRINGING ASSETS AND LIABILITIES INTO AGREEMENT AND
HOME: SPENDING TIME WITH YOUR FAMILY AND SPOUSE – The easiest way to balance your books is to create two columns, one for your assets (aka those tangible and intangible items you own or control that have economic value or that can be converted into cash) and another for liabilities (aka those obligations or payments you owe). Assets minus Liabilities equals Equity (or Equity = Assets – Liabilities) which tells you financially how your business is doing.
Make sure when you’re balancing your home and work life, that you devote time to both your children and your spouse or significant other. Too much time with one, while neglecting the other, will throw your home life out of balance. So the next time your spouse asks you to have a date night, go for it!
WORK: ACCOUNTING TRENDS AND
HOME: UNDERSTANDING EACH OTHER – If you balance your books on a regular basis, you will be able to spot accounting trends, like your busy and slow times of the year. Keeping track of trends is key to identifying when you can make an equipment purchase or when you need to save a few extra dollars.
The same can be said for understanding your loved ones. You’ll notice by keeping your work and home life in balance, that you can build a better relationship with the most important people in your life.
Balancing your life is just as important as balancing your business’ books. The two go hand in hand. Even if you decide to outsource your bookkeeping, knowing your numbers is key in knowing your bottom line and the financial health of your business.
If you need bookkeeping or accounting help, email or call our Brigade Bookkeeping team, we are here for you and your business. Plus, you can devote the extra time you would spend on your books, to your family. Now that’s work/life balance!