Karen Gastle

 Tags: Accounting

If you are like many interior decorators, you probably did not get into the industry because of your undying love for accounting. In fact, you may even try to avoid accounting, even though you know how vital it is for your firm. Accounting for interior decorators can appear to be an overwhelming task. The good news is that accounting does not need to cause anxiety for interior decorators. Follow these tips to take the stress out of accounting.

 

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Be Meticulous

Many people are guilty of a “do it later” attitude, especially when it comes to small accounting tasks. When you are busy, recording small expenses, filing receipts, or even tracking your hours on a project seem less important. By prioritizing these tasks, however small, and ensuring they are completed on a regular basis, you can make accounting much less daunting. Take five or ten minutes to organize and record expenses. If you do this when the expenses occur, then you will not need to go back and record them later, which means your records will be more accurate—and you will spend less time sorting out a mountain of receipts later on.

Systematize Your Accounting

Does your firm have formal accounting procedures? If not, you should probably consider creating some. Creating a system and following a procedure allows you to standardize your accounting. That makes it much easier to go back to the books later on and discover exactly what was spent and earned, and when it happened. If you do not follow a procedure, then your books may be inconsistent—which can make it more difficult to track debits and credits. One great procedure to implement is the use of purchase orders, which can allow you to check your orders against supplier pick-and-pack lists, and also to track the payment for those orders.

Get a Helping Hand

Not all interior decorators will have the resources to hire someone to do their bookkeeping on a full-time basis, but you should not rule out getting a bookkeeper or an accountant to help you manage your books. Whether you need a one-time assessment to get the books in order as you systematize, to do your taxes or perform an audit, or you need ongoing, part-time help, chances are you can find someone to give you the help you need and deserve. While you may need to do the majority of the accounting yourself, having someone you know you can rely on for advice or to deal with particularly tricky tasks can take the stress out of accounting for interior decorators.

Use Interior Design Business Software

Another way to make accounting for interior decorators much less stressful is to get a helping hand from technology. While you could opt to use generic accounting programs, interior design business software will offer you a more affordable and integrated solution for your business. Rather than simply doing the books, these software solutions help you manage your business from end to end—including invoicing, tracking expenses and hours worked, and recording payments. These programs can also help you implement procedures and standardize your accounting processes.

Take a Course

For many people, accounting is intimidating because they do not know much about it. If you understand even the basics, however, accounting becomes much easier. Instead of learning by trial and error, take the time to study the basics of accounting. You can opt to enroll in a part-time course at a local college or continuing education program, or you can learn online through sites like Lynda.com. Even if you have someone helping you keep the books, knowing a bit about accounting can help you both understand what they are doing and ensure that you are making the best decisions for your business.

 

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Karen Gastle

As an account manager, Karen has experience working with design firms of all sizes to integrate DesignDocs to streamline business processes, increase administrative efficiencies, and deliver higher profits.
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