Get Organised with the Basics

Bookkeeping is a fundamental process for any small business. In fact one common reason for small business failure is lack of transparency over “the books” in order to manage performance and business viability. In the small business space, cash is king and visibility over your financials through good bookkeeping practises will enable you to better manage your cashflow and make key decisions to grow your business. And this all starts with getting the basic day-to-day transactions of your business organised.

Accountant, Bookkeeping and financial advisor
Every business should prioritise bookeeping management because many business owners don’t keep good records. Some don’t understand bookkeeping; others understand it but may be afraid of what the numbers might tell them. If your records aren’t in good shape, the business could fall apart.

Here are 4 thing you can do in your business now to promote better organised bookkeeping.

  1. Maintain an Audit Trail

Organise all of your cheques and invoices to create an audit trail. Always make sure you record every number and in sequence.  Also make sure to label voided checks and invoices accordingly to avoid confusion.

  1. Create a Special Folder For Unpaid Invoices

Businesses always have deadlines, more importantly when it comes to paying invoices and suppliers. Having a system in place will ensure they are taken cared of on time. It could be separating new invoices in a special folder by due date that you review weekly or even using Outlook Calendar to remind you of when an invoice is due (personal favorite).

  1. Account for All Bank Deposit

Your bank deposits are the lifeline of your business. After all,these are funds coming into the business to cover expenses which means you want them fully accounted for and banked prompted. 

Lielette Calleja from All That Counts suggests using a deposit book as a way to account for all your bank deposits.

  1. Filing Invoices and Printing Invoices

It may sound basic, but separating invoices from one financial year to another is really key especially as it will make the life of your accountant a lot easily at year end. You can do this by simply using a new lever arch file folder every new financial year. Divide sections by creditor name or month.

Finding the Right Bookkeeping Services in Sydney’s Hills District

Many small business may not have the time to manage good bookkeeping practices and therefore value the help of local experienced bookkeepers to help them gain control over the financials.

If you do need help, Tradebusters Connect has a Top 3 Local Business Pick of bookkeepers and local accountants in our free Sydney’s Hills District local directory. Their profiles are listed on this website and they are ready to help you today.

Other Useful Links:

BAS Agent Penrith

Tax Accountant Penrith

Maitland local directory

Find an accountant in Newcastle

Bookkeepers Newcastle

Lake Macquarie local directory

Painters Castle Hill