1. Use the right bookkeeping system.
Most businesses use either cash-based or accrual-based accounting.
If you use the cash method system, you count income when you receive it and then you expense items as you pay for them.
Under the accrual method, you count income and expenses when they happen, not when you actually receive or pay them.
If you use the cash method system, you count income when you receive it and then you expense items as you pay for them.
Under the accrual method, you count income and expenses when they happen, not when you actually receive or pay them.
2. Maintaining accurate daily records.
This is one of the most basic rules!
If you don't keep accurate daily records, you don't have an accurate way to track the financial condition of your business.
Different people use different record-keeping systems; what matters is that you have one and use it every day. Once you have a good system set up, accurate record keeping will take just a few minutes a day.
If you don't keep accurate daily records, you don't have an accurate way to track the financial condition of your business.
Different people use different record-keeping systems; what matters is that you have one and use it every day. Once you have a good system set up, accurate record keeping will take just a few minutes a day.
3. Always Leave an audit trail.
Your record keeping will be much more effective if you have a system that allows you to quickly and easily retrace your company's financial activities.
This means keeping your invoices and checks in numeric order, not skipping check or invoice numbers, and keeping separate bank accounts for your business and personal funds.
If you can't go back a year and reconstruct your company's finances, you probably aren't leaving an effective audit trail.
This means keeping your invoices and checks in numeric order, not skipping check or invoice numbers, and keeping separate bank accounts for your business and personal funds.
If you can't go back a year and reconstruct your company's finances, you probably aren't leaving an effective audit trail.
Bookkeeping Services.
We offer bookkeeping services geared towards assisting small to mid-sized companies.Our main objective is to help business owners like you reduce time spent on non-essential tasks, enabling you to focus on core business functions and increase profitability. Many of our clients save up to 40% compared to the costs of hiring in-house staff to perform these functions.
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A Relationship you can Trust.We value the relationships we have established with our clients. Our goal is to work hard to deliver timely and accurate data and reports. Most of our existing clients have chosen to increase their service requirements with us.
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