Bookkeeping: Tips to make your life easier
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Know the records that you need to keep
Make sure that your bookkeeping is adequate. It is your responsibility to maintain your records. - Talk to your accountant about the method you use, or plan to use, to keep your records
Is it suitable for your business? Is there anything you could you do better? If you make a few select changes to your approach then you could save on accountancy costs. We have prepared accounts for hundreds of clients. We know what works. We know what won’t. - Perform accounting reconciliations
It will help your accountant, your accounts will be prepared quicker and your accountancy costs will be smaller. -
Ensure that you can explain all bankings, whether in the business or private bank accounts
Keep a clear record of drawings(ie monies spent for private/non-business purposes). - Have a clear area set aside to do your bookkeeping
It will make your life easier and help to minimise the possibility of making silly mistakes. - Have a regular time of the day/week/month to update your records
If you update your records on a regular basis you will become efficient at this task. - Update your books at regular intervals
Make it a good habit. Start well and continue to do so. Be consistent in your approach. - Keeping records on a computer system is not always the most suitable or practical way
A well organised manual record system is infinity better than a computerised system that has not been used correctly. If you use a computerised accounts package please ensure that you have adequate training to do so. - If you use a computerised system then take regular backups of your records
Store the backup in more than one location. For example consider using a usb storage device or a external hard drive. - If you are not sure or if you have a question then please ask your accountant
We are here to help.
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