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Intro to the money routine
Do you have a regular time where you sit down and review your business finances? If not, it’s a good time to start. Not only will it give you an idea of what is going on with your money, it will bring a sense of calm. Establishing a weekly routine sets the tone for the way you handle the ups and downs of your business.
Treat your business with respect, and it will treat you with respect.
Below is an example of what you can practically do to make this part of your routine, starting from the beginning.
Note: your money routine does not have to be perfect; the most important thing is that you are consistent with your routine.
Pick a day and stick with it
Pick a day that makes sense for your business. For example, you could pick Friday. I like this day because it is the end of the regular workweek, and banks are open for their normal hours. This may work for you. If not, pick a day that is your natural week-end. Stick with this day.
Make the time
This is an important note. Carve out a time, every week, to do this. Do not postpone it. Schedule nothing during that time. Give yourself the time it takes.
If you are in a business that receives cash or checks, map out an efficient route to the bank.
If you receive online payments only, set yourself up so that you can easily access your computer during the time you set aside.
Your money review could happen at your home, in the car, or in your rented space. Set aside an hour or so (time to make the actual deposit at the bank, and time to review online). It doesn’t have to take long.
Make your deposit
If you receive cash or checks, the first part of your [Friday] money routine could be making your deposits. This means taking all of the money paid to you by your clients (cash and checks) and physically depositing them at the bank. You could go into your branch or deposit at the ATM. However you do it, get it done.
If you receive online-only payments, ensure that those payments have been transferred to your bank account. Sometimes it can take some days before transfers are complete, and sometimes they are instant. Regardless, initiate transfers to your bank if they are not automatic.
Review your deposits
After you make your cash and/or online deposits and transfers, it’s time to review any deposits that may have been made automatically for accuracy. Depending on your volume of deposits, this should be relatively simple. If everything is correct, great. If something seems off, make a note to investigate.
Review your transactions
Go through your activity for the week, keeping an eye out for anything unexpected. This will help you feel on top of what is happening in your business.
Look ahead to next week
Do you have any expenses coming up in the next week? Do you have money set aside for these expenses? Take the time to review your balances, both in checking and in any savings accounts you have.
The bigger picture
Your weekly money routine should be a simple review of what is going on with your income, expenses, and bank accounts, and does not need to be an extensive bookkeeping exercise. That said, if there are any errors or extra expenses popping up that you don’t recognize, it is a great opportunity to catch those before they become more complicated to fix. And, if you are just starting out and don’t have that many transactions to look at, keep the routine anyway; you will appreciate having it when your business expands.
*The information provided on this website is for educational and informational purposes only and should not be considered financial, legal, tax, or investment advice. I am not a licensed financial professional, CPA, attorney, or investment advisor. Financial situations vary, and you should consult qualified professionals regarding your specific circumstances before making financial decisions.
