As an interior designer, you probably hoped the amount of math involved in your business would be limited, but to run a successful company, good accounting practices are necessary.
If the idea of looking at your books makes you want to run for the hills, you’re not alone. But accounting for interior designers doesn’t have to be complicated. Read here and discover an easy guide to handle your business’ financials.
Meticulous Reporting
You don’t want to fall behind on accounting duties. Accounting for interior designers can be dull and tedious, but it’s crucial for accurate record-keeping and a balanced company. Saving those monotonous tasks for later—tracking expenses, recording hours, filing receipts—will only increase your stress level and make the job more difficult.
Prioritize the small tasks by completing them as they come up to have a clear visual of where your business stands. It’ll feel less overwhelming if you keep up with regular reporting, versus saving it all for the last minute. Not only increasing your accuracy, updating your reports on a regular basis will decrease the chance of forgetting to include receipts or letting them slide. You’ll thank yourself in the long run when your books are in line.
Simple Templates
Keeping track of paperwork is a difficult task, especially when you’ve got a high volume of invoices, purchase orders, and communications flying around.
To start invoicing like a pro, partner with a company that gives you access to simple software with standard file templates for all types of files. That way, with no extra work of your own, you can ensure each document is always drafted properly. Documents will be easy to read and easy to follow. You’ll stay on top of sent invoices and POs to keep better track of collecting payment.
Systemized Accounting
Accounting for interior designers should be systematized and integrated. It should be designed to manage your business specifically, and include all necessary functions. If spreadsheets and reports are kept in separate files, or the software doesn’t manage everything in your business, it’s not very useful for accurate reporting. It will also cause stress from remembering where everything is.
Formalized accounting procedures will keep you on track and make it easier to refer to the books later to see exact amounts and the dates they were incurred or paid. Reduce the chance of miscommunication with a consistent system to track debits and credits, and anything else.
Specialized Software
Specific software for interior designers is incredibly helpful. With it, you can be sure all the functions specific to your business are included.While it may cost a bit more than standard accounting systems, those extra perks will be worth it in the long run. General software just won’t cut it; you need a program fine-tuned to your industry.
An integrated solution for end-to-end management implements all procedures and helps standardize the department. You need a software program specially targeted to your industry that performs the daily aspects of projects and produces the financial reports necessary. Streamlined accounting processes will ease any nuisances for you and your staff.
Specialized Bookkeeper
You wouldn’t hire just any person for a design job, the same way you shouldn’t hire just any bookkeeper. Interior design bookkeepers are unique because they understand the specific challenges and situations particular to this field.It’s always easier to work with someone who understands the industry’s distinct needs.
Ask friends or colleagues for referrals to ensure you get the best help possible–someone who understands the unique challenges and knows exactly how to face them. You want an industry-expert bookkeeper to save you time and money. Investing in expertise is worth it for the sake of your business. Not all bookkeepers are the same, work with one trained in this area.
