Tips for great bookkeeping

Tips for great bookkeeping

Getting your bookkeeping right from the start and keeping it up to date arms you with a lot of information which you can use to make critical business decisions. Your bookkeeping is at the heart of your financial activity and following a few simple rules and activities will not only keep you compliant but also keep your information up to date for your Accountant. Here are some tips for great bookkeeping.Bookkeeping Software

Keep good physical records for sales & purchases;

  • You will need to record and keep all invoices and receipts for your business for sales. Your invoicing software should do this for you, and include all compliant information within these receipts and invoices.
  • Keep and record all invoices and receipts for purchases made by your business.
  • Profit and loss statements and balance sheets for your business.
  • Bank Statements and Credit Card statements.
  • Tax return statements.
  • Information on any stock takes for your business.
  • Any other records relating to the financial function of your business.

Make time if you do it yourself;

Staying on top of your bookkeeping is achievable if you make time to do it on a weekly basis. Using top online accounting software to do this like eFolio Accounts will automate a lot of the function which takes the pain away of getting this job done.

Stay compliant;

Ensure that you are registered for the right taxes and take advice from a suitably qualified tax adviser regarding your books and records and what you need to have included. Talk to them about the information you require to have listed on your invoices.

Use Bookkeeping Software

Using bookkeeping software for your business automates much of the work involved in your bookkeeping.

Make it easy for clients to pay you.

This is more of a cashflow tip but we like to include it where we can. Get your payment details listed on your invlices. Ensure your IBAN BIC & Account details are listed there. Include facilities to pay online. eFolio Accounts invoices include a link to pay the invoice via paypal.

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