Bookkeeping enables you to get an accurate picture of your business’s financial health. Follow the guidelines below to keep your finances in check.
- Keep personal and business finances separate
Ensure you are not liable for any debts or issues related to your business.
- Automate as much as possible
Accounting software can help reduce a good deal of manual data entry. Make sure you keep on top of reconciling transactions and track unpaid invoices.
- Leave an audit trail
Use your books to track every payment noting whether they were made or received so you can find them easily.
- Track business expenses
Contact your accountant for guidance on expenses that can be deducted. Maintain detailed records and digitalise where possible.
- Keep in-depth records
Generate reports at least once a month to see how well your business is performing and ensure you don’t get caught out by any unforeseen issues. Include a profit-and-loss statement and the balance-sheet as a minimum.
- If in doubt, ask a professional
We can can offer advice and assist in the set up of any accounting software for you and show you how to use it.
- Set yourself reminders for important deadlines
Bookkeeping does take time out of your week so be sure you have the resources and commitment before handling it yourself.
