Bookkeeping Tips

Posted on Jun 17, 2013 | 0 comments

Bookkeeping is an important part to running a business. You do not simply save your receipts and add up how much you spent every month when you bookkeep. Booking is a lot more than writing down how much you spend on company expenses, it is a process that helps you figure out trends in your spending habits. In this article you will learn valuable bookkeeping tips that can help your business thrive. Take the advice here seriously because it can help your business in case you are audited and there is a discrepancy one year.

Avoid bookkeeping once a month. Most businesses write down expenses and review transactions on a monthly basis. The problem with bookkeeping one time out of a month is that you are bound to forget a few things. Bookkeeping should be done more frequently than one month. You should plan to collect data on what your business is spending money one at least once a week. Successful businesses write down this type of information every day. Keep all receipts on file and make copies. A lot of receipts start to fade after a few weeks so make digital copies so you can have records of everything you spend money on.

One of the bookkeeping tips that most businesses do not take serious is the actual information they record. When you take clients out to lunch and spend money on gas do not write down estimates for your books. Instead, write down exact figures. This is why writing down records of your transactions on a daily and weekly basis is important, because it can help you determine exact figures.

Find a reliable person to record what your business is spending money on. When you hire a new accountant double-check his or her work the first 6 months of their employment. If at any point you find they are not reliable find someone else to help you. It’s important to have someone you trust help you manage your records. Hopefully all of these bookkeeping tips were helpful for you and your business. Good luck recording all of your material.

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