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Accounting tips

by Tash Hughes of Word Constructions

Love it 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 hit.

The following tips may help you keep your accounts under control through out the year...

    Have a 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 shelf.

    every 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 next July!

    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.

    Have a different folder or file for each financial year - that includes keeping unprocessed documents separate, too

    set up 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.

    if you 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.

    If 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 account.

    keep 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 records.

   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.

 

 

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