20 Bookkeeping Tips
AITC • November 22, 2018
- Keep Your Records Organised
- Keep Your Personal Finances Separate
- Use Cloud Accounting Software
- Create a Simple but Functional Chart of Accounts
- Go Digital with Your Payroll
- Segregate Duties for Each Part of the Cash Conversion Cycle
- Regularly Reconcile Your Bank Statements
- Keep Track of Your Financial Data on a Monthly Basis
- Perform a Self-Audit
- Document & Deduct Expenses That Are for Personal/Business Use.
- Detailed Inventory Records are Important.
- Take Control of Your Accounts Receivable
- Plan for Major Expenses Including Taxes.
- Don’t Wait Until Year End to Talk to Your Accountant
- Take Advantage of Small Business Tax Credits & Deductions.
- Leave an Audit Trail.
- Petty Cash Receipts are Important.
- Use the Appropriate Accounting Method.
- Avoid Paying Business Expenses in Cash.
- Find yourself a great Bookkeeper.
Do you understand the difference between profit and cash? Are you improving
your profits but not seeing an improvement in your bank balance? We can
help you increase both your profit and your cash! #CashIsKing #GetInTouch
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The value of real-time management reporting
It is important to reconcile your business bank accounts regularly. Reconciling your business accounts regularly avoids any documents being misplaced before reconciling and it also detects potentially fraudulent entries early. Whilst your bank account now reconciles to your statement ensuring you review the un-presented items on your bank reconciliation report and you can also investigate any long outstanding transactions or unusual items that you know have occurred. Keeping in mind that these transactions may be duplicates.
