Accounts Etcetera

Bookkeeping Hints

(Good bookkeeping is the glue that keeps your business together)

#1 Be Consistent – Consistency is essential to successful business bookkeeping.

#2 Keep Good Records – make sure that invoices are obtained for all purchases and the method of payment is recorded. Record customer receipts as soon as practicable to ensure all income is recorded correctly.

#3 Bank Account Statements – Request statements with a month-end cut-off date for easier reconciling.

#4 Petty Cash – Set up a Petty Cash box with a float to be used for all small purchases.

#5 Filing Paid Invoices – Start new file folders at the beginning of each financial year for all your paid invoices and paid bills. Glue small dockets to recycled A4 sheets for easier filing.

#6 Maintain Weekly Records – Think about it. If you don't have time to do a little bookkeeping each week, when will you find time to record a month's or a year's worth of accounts?

#7 Don’t over-categorise – Make processing as easy as possible – don’t use separate categories when an account as clear-cut as ‘Office Supplies’ will cover paper, printer cartridges, pencils etc. Don’t, however, use all-purpose accounts such as General, Sundries, Miscellaneous etc.
 
#8  Storage Boxes for Each New Year – Keep all your records for one financial year (including a backup of your computer accounting data) in one box. Label it with the year and contents on the outside of the box. Then store it somewhere accessible.

#9  Computer Software – The old saying "Garbage in – garbage out" applies here. If you want a financial report you can trust, you will need to be sure your software is set up correctly from the start. Employ an expert! Use Accounts Etcetera!

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