Bookkeeping tips for Business Owners
Getting your books done can be very satisfying, especially if you are using cloud accounting software that updates a dashboard. Seeing your updated cashflow position helps you make decisions about your business that you cannot make in confidence if your not armed with critical updated information. Here are someBookkeeping tips for Business Owners to help you keep on top of your books and records.
“We believe Accounting software should compliment the relationship you have with your Accountant, not inhibit it.”
1. If you feel more comfortable with a Bookkeeper processing your books, hire one to do the job. Good accounting software should give free permission based access to your bookkeeper and Accountant. If you are in a position to process your books yourself thats fine too! Working with a bookkeeper or with your Accountant puts you in a very strong position. We believe Accounting software should compliment the relationship you have with your Accountant, not inhibit it.
2. Give it time. Bookkeeping is about good habits. Update your systems weekly and spend the right amount of time on it. You know when your quiet times are. Our server activity is at a peak on Friday’s so if thats a quiet time for you, use that time.
3. Get good tools. Get good Bookkeeping software. Bookkeeping software should take pain away from the job, and create time and opportunities for you.
4. Keep good paper records. Good bookkeeping is about staying compliant. Keep all your physical purchases receipts in one place with your sales invoices. Of course you can keep your sales invoices in your bookkeeping software. Keep all paper records relating to transactions in your business bank account.
5. Reconcile your bank account every month. If you can export your bank Statement your bookkeeping software should give you the ability to import the information (Spreadsheet) straight into the reconciliation module. Reconciling the bank statement makes it much easier to track expenses.