You may not be able to tell by looking out the window, but the calendar says spring is here. This would be a good time to do some spring cleaning of your financial data.
Do you have some customers or vendors in the list of names in your database that no longer exist? Maybe you have some accounts that just don’t apply to your business anymore. These items are just making lists longer and harder to filter through to get to the information that you may be looking for.
Here are a few things you can do to spruce up you data. First, before you do anything that you haven’t done before, or may be uncomfortable with, make a backup of your data.
Depending on the software you are using, you may be able to mark unused list items as “inactive”. This could significantly reduce the size of these lists, and make finding useful information easier. It is often not possible to just “delete” these items, as they may have been used in transactions and they need to be available for historical reports.
You also may be able to “combine” items in a list. For instance, it is easy to accidently create two different names in a list just because you didn’t think the item was there. Combining the two names will make your reports more accurate and concise.
How long has it been since you checked to make sure your inventory is up-to-date? Several minor mistakes in inventory quantities or values can make a big difference, and your financial statements may not be accurate because of these issues.
Of course, it’s always a good idea to make sure all of your systems are providing you with the most valuable information for the management of your business, but if you haven’t spent a little time keeping up with these tasks, it might be a good time for some spring cleaning.