Top 5 Bookkeeping Tips To Get Your Books In Shape

November 13, 2013 7:59 pm1 commentViews: 225

booksecrets3Every business, no matter how large or small, is required by law to ‘keep books’.  Bookkeeping involves the recording of the financial transactions of your business, whether manually into ledgers or by entering everything onto a computer.  Hence, you need to learn some bookkeeping secrets that will help your bookkeepers to become well organized and methodical.  Here are some simple tips and strategies to help get your business books in shape.

 
#1 – Keep an audit trail : An audit trail is simply a record of all your invoices, checks and expenses in numeric order. If this sounds daunting, don’t worry, as there are many options to choose from when it comes to bookkeeping software.  Quickbooks is one of the best choices.

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#2- Post due-date reminders : Use your Outlook calendar, Trumba, Google calendar, wall calendar… anything! Be sure to set reminders for bills that are due, tax remittance deadlines, payroll remittance deadlines. You could save thousands of dollars per year simply by paying your bills on time.  It also keeps your credit rating in check.

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#3- Get bank statements : With the advent of the internet, e-bills and e-statements have become popular.  Sure it’s user-friendly, but if you ever get audited, the auditor would still want to see physical copies of everything, not digital. So at the very least, you should request that a bank statement be mailed to you.

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booksecrets2#4- Keep systematic records : Too many business owners don’t keep orderly records.  Bookkeeping is the glue that keeps your business together.  So without organized books, you can’t make financially sound decisions for your business.

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#5- Set-up precise accounting software : The biggest mistake people make is not taking the time to set up an accounting software correctly when they install it on their computers. If you want a financial report you can trust, you will need to be ensure that your accounting software is properly set-up accordingly from the start.

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Incorporating these simple strategies into your bookkeeping cycle will help streamline the books and make bookkeeping more enjoyable.




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