Bookkeeping Tips}

Bookkeeping Tips

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MichelleBookkeeping for Small Business often ends up causing the business owner major headaches. Most often it is left till last or not done at all and this can be landing Small Businesses in hot water. I have put together some quick fix tips to help Small Business Owners get their bookkeeping up to date and on track. 1.Use a computer. Get your business up with the times and use a Computer. Not only will it save you a heap of time but can make it easier when looking for records and communications. Applications such as email are essential in today’s business world and will make it easier to keep you on track. Remember that outsourcing your business operations like bookkeeping will make the transition easier if your business is a tad old fashioned and not ready to move into the digital world. 2.Use bookkeeping/accounting software system. The most common programs that Small Businesses will use for their bookkeeping are either MYOB or QuickBooks. Both systems have many features and benefits along with their limitations. The decision should be based on what the small business will require from the accounting system and it is best to seek professional advice before purchase and use a professional to establish your accounts. An accounting system whether MYOB or Quickbooks will provide a central place for all your business deposits and withdrawls as well as payroll information and employee records. 3.Update and maintain daily records. If your business does not keep accurate daily records your data will be irrelevant and misleading and could cause you to make bad business decisions. Different businesses will set up different systems and procedures for tracking daily financial data. It doesn’t matter what system you come up with as long as it works for you and that you use it everyday. Once in place it will streamline your bookkeeping and everything should only take a few minutes per day. 4.Get a clear picture on your Debtors. If your records are not up to date you can’t reasonably work out who actually owes you money and this can affect your cash flow and ultimately put you out of business. Doing a weekly follow up and tidy up of your debtors will get money into your bank. The same for invoicing. Why invoice once per month? Not only could you risk forgetting to invoice some of your customers but why carry the expenses for the entire month for them! 5.Get you Bank Statement Monthly or Weekly. This is another basic tip that can reap big rewards. Synchronizing your bank statement with other monthly records will make it much easier to reconcile your statement and track expenses. 6.Filing. Your record keeping will be much more effective if you have a system that allows you to quickly find your business financial information. This means keeping your invoices and receipts in a filing system either in alphabetical order or date order. Small Business can really keep their finger on the pulse of what is happening within their business by having up to date and accurate bookkeeping records. If managing the finances or bookkeeping within the business is a hassle you could do without, call a professional bookkeeping service. Check out http://www.sbe.net.au/ for complete details !!

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