5 Tips – bookkeeping

Bookkeepers Blog, Best Hints & Tips Guaranteed  by Tash-Ly 

5 Tips bookkeeping, to make it easier – 10th March 2K16

• So you are in business, and you are fantastic at what you do.
• You’ve got a great product or service, and some fantastic loyal customers.
• Things are getting busy – but there is that dreaded bookkeeping lurking in the background.
• It causes you stress, and might even keep you awake at night.
• What can you do to make it easier?

Be Organised
Set yourself up a system or routine. Create your sales invoices in a timely manner – that keeps the income flowing, and keep up to date records of your customer payments so you know who owes you money at any point in time. And as for those expenses, keep all your receipts and once recorded file them in either a lever arch folder or suspension file for future reference – sorted alphabetically or by date.

One of the best solutions for tackling the bookkeeping nightmare is the range of software solutions to assist keeping all your financial records in one place. Software can either be desktop, online or a hybrid of the two and can range in price from around $25 per month up depending on your business size and needs. Many of these systems also allow “Add-ons” which are more industry specific external software solutions that integrate seamlessly with your bookkeeping software such as inventory, jobs, payroll etc.

Feeling like you have a great piece of software, but aren’t really using it to its potential? Get yourself familiar with what your software has to offer. Most applications have a trial or dummy file you can “play” with, without affecting your own data. This is great for those moments when you ask “what would happen if I clicked here…..”. Attend a short course at a local institution such as WEA or seek the assistance of a qualified consultant in that software for a personalised one-on-one session.

Allow yourself time! It isn’t going to do itself – so set aside a set amount of time on a regular basis to keep your bookkeeping up to date. Depending on the number of transactions you create, just 5-10 minutes a day will keep you on top of the processing. It will allow you to pick up any errors quickly, record transactions before you forget what it was for and saves future time dealing with a backlog.

If you find that the bookkeeping is too overwhelming or taking up to much of your valuable time -delegate the task to an expert. You may be surprised at how quickly an experienced bookkeeper can process work that may have taken you hours. They generally understand the softwares nuances and shortcuts, and may be able to suggest some efficiency in the way you are doing things. Leave them to it while you focus on what you do best


Disclaimer: All or any advice contained in this blog/newsletter is of a general nature only & may not apply to your individual business circumstances. For specific advice relating to your specific situation, please contact your accountant or other professional adviser for further discussion.