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 Specialist.
I believe a good bookkeeper is essential to the operations of any business. Knowing who owes what, who needs to be paid immediately and how much is in the bank gives you the piece of mind you need so you can focus on your business. Let me take the stress of handling your day to day financial transactions so you can get down to business . Managing your books effectively is essential to your financial success.
Consultations
Whatever you're bookkeeping challenge – setting up a new business, frustrated with inefficient or inaccurate bookkeepers, or simply looking for a better way to keep your books. When you have questions or concerns, we’re always available to help you interpret and utilize the financial information we provide. Consultations are included in your accounting services and are available to Business owners like yourself who are looking for the first step in the right direction.
