Top Bookkeeping Tips for you to use

Posted on Oct 16, 2013 | 0 comments

Before you hand over your financials to your accountant or bookkeeper it would be a good idea to prepare your documents in the best way to ensure you save yourself money and precious time. Before you submit your next batch of work follow these simple tips below in order to receive the best service possible from your bookkeeper.

1. Card Statements for a Barter Card

Ensure that all your statements from your Barter card are in order and placed into date order. If you have happened to misplace a statement you can always obtain the missing copies directly from Barter card.

2. Statements for your Credit card

Ensure that each statement is in place from the period that you require a bookkeeping service. Again if you are missing any copies obtain them from your branch that you bank with.

3. Bank Statements

Ensure all your bank statements on all your different accounts are in order for the period that you require. It is easy to obtain missing copies by either phoning your bank. You can go into your branch and only ask for the dates that are missing in order not to have to pay for unnecessary copies that you already have.

4. Loans

If you have any current loans that you may have taken out on your business it is imperative to pass on all the necessary documentation to your bookkeeper. The statements on your loan are the best sources of paperwork as they display when the loan started, the interest you are paying, the initial setup of the loan and any other fees that are outstanding on your current loan.

If you have acquired a loan on equipment for your business it is important to provide your bookkeeper with the invoice and the documentation that came with the loan. All loans are calculated in a different way and the interest is calculated in different ways.

5. Payments

All invoices should be retained for your bookkeeper on all items that you have paid up in full, you should try your best to include on the invoice the date that you paid for the item. Additionally include how the invoice was paid such as cash, check, credit card, direct transfer or Internet banking. This helps your bookkeeper to track your payments accordingly, keep the stubs attached to your checks for your bookkeepers use.

6. Automatic Deductions

You will need to supply your bookkeeper with a list that includes all the deductions that come off your account automatically. These types of payments usually include fuel payments, car payments, lease payments and equipment loans.

7. Receipts

Every receipt that shows money that you earned and issued payments over a period should be filed and kept for your bookkeeper. These should include Remittance advice and any deposits made to the bank. Cash amounts that do not go into your bank account should be recorded.

All these tips will help to save you on money as your bookkeeper will have a lot less to do in order to prepare your books for your business.

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