by Tash Hughes of
or hate it, if you run a business, you also have to
manage your accounts.
It is easy to let our accounts wait
until tomorrow or when we're not so busy, but how long
can we afford to let them go? It is hard work to do all
of your accounting work at the end of each financial
year - it's harder to remember why something is unusual
or what that scrunched up receipt was from months later.
And it takes a long time to sort out accounts in one
following tips may help you keep your accounts under
control through out the year...
specific place to put all incoming invoices and
receipts so they're easy to find. It can be a shoe
box, a document holder, a manila folder or a spare
time a bank statement arrives (usually once a month
or so) use it to reconcile your accounts. It may be
boring but it is so much easier than doing it all
whenever you put the information from an invoice or
receipt into your accounts, write or stamp 'entered'
on the paper. That way you don't waste time later
checking if you have processed that piece of paper.
different folder or file for each financial year -
that includes keeping unprocessed documents
a filing system for your accounts paperwork. I use a
document folder for each year with a plastic page
holder for each month (plus files for pending, not
yet entered and miscellaneous notes) which makes it
easy to find something again later.
get invoices, etc sent to you via email, put all
those emails into a separate folder so they are easy
to find later. It's also a good idea to print them
out when they arrive so the paper copy goes straight
into your account files for processing.
your bank statements don't finish at the end of each
month, draw a red line between each month so it is
easier to find the balance and reconcile your
travel information in one place - if you find a
travel log hard to use for recording your driving
trips, note the kilometres travelled in your diary
next to the details of the meeting you drove to.
Then it's easy to find and transfer to your tax
Tash Hughes is
the owner of
Word Constructions and assists businesses
in preparing all written documentation and web site
content. Tash also writes parenting and business articles for
inclusion in newsletter and web sites.