Bookkeeping Hints and Tips

www.greenandco.com

From the smallest companies to the largest, Green and Co offers a bookkeeping service tailored to suit each of its clients individual needs.  In allowing our dedicated team help with this side of the business, it frees up valuable time allowing you to spend your real energy on running the business and making a profit.

In these tough times, keeping good records makes sound business sense.

It may seem like a challenge, particularly when you’re starting out, but keeping good records will bring real advantages to your business.  Get a proper system in place and you’ll not only be confident that you are paying the right tax, but you’ll keep up-to-date with how much you owe suppliers and how much you are owed.

If you are in business then you should be aware that accurate bookkeeping is an essential feature of every successful business.  Businesses that keep their books up to date regularly and ensure the accuracy of their books tend to be more successful in the long term than others.  This is because they are always on top of their financial situation and they know exactly what their free cash flow position is each and every day.

Using the services of a professional bookkeeper or your accountant means that you are free from having to spend hours entering data and figuring out reconciliations.

Using a professional bookkeeper can prove to be a most valuable and inexpensive way for business owners to reduce stress and win back some precious time for other things.

As Green and Co only charge for the time spent completing the work, some clients may find it more cost effective in using this service than employing someone full time.

In order for us to provide this service, we need the following either monthly or quarterly:

  • Bank Statements/Credit Card Statements
  • Cheque book stubs
  • Paying in books
  • Sales invoices
  • Purchase invoices
  • Receipts for all cash purchases
  • Receipts for credit card purchases

If you pay for things from different bank accounts i.e. business bank, personal bank, personal credit card – make a note of this on the receipt as this will save questions from your bookkeeper/accountant later on.

If you are self employed it is very easy to treat your business as if it is your finances.  Keep personal transactions and business transactions separate so you don’t count your daughters ice cream sunday as a business expense.

Many business owners don’t keep good records.  Some don’t understand bookkeeping, others understand it, but maybe afraid of what the numbers might tell them.  Think of it this way – bookkeeping is the glue that keeps your business together.  If your records aren’t in good shape, the business could fall apart.  A healthy business is monitored through its records on a regular basis so you can find problems and correct them before it’s too late.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Image courtesy of pong at FreeDigitalPhotos.net

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