10 Bookkeeping tips for small business

Posted on Monday 2nd April 2012

  1. You should only spend 5-10% of your time working on your books.
  2. If your business earns more than $55 an hour, then stop doing your own bookkeeping and employ a professional.
  3. Buy one of the easy-to-use accounting packages available for less than $400. Your accountant will love you.
  4. Keep your accounts timely. Try to deal with each invoice just once - twice at the most.
  5. Allocate a regular day to update your accounts data and pay invoices. Try not to touch the chequebook every day.
  6. Put as many of your regular suppliers as possible onto a monthly account. This will reduce your workload enormously.
  7. Systemise your paper trail for yourself and your accountant. Prepare for end of year now as you file.
  8. All information leads to something. Make sure you always get supporting documentation (e.g. invoices) so you can clarify any issues quickly and accurately down the track.
  9. Your accounts are a tool to measure how your business is performing on a monthly or even weekly basis. Get the most out of them.
  10. Utilise accredited trainers to help your staff improve their accuracy in bookkeeping. Getting it right first time saves you time and money.

 

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