BOOKKEEPING TIPS AND RESOURCES
Our many years of experience, more than two decades, have given us a lot of insight into bookkeeping. Over the years, we’ve accumulated many tips and tricks aimed at helping you ensure you are keeping your books as efficiently as possible. We’ve gathered them here along with a few resources to help you. If you need more information or want to book a consultation with us, please contact us by phone or email.
Ray-Lo Bookkeeping Services offers you a few tips regarding bookkeeping:
- Keep all your receipts in one place. It is a good idea to keep a pouch or envelope for receipts in your car or briefcase. Don’t worry about sorting the receipts, just collect everything. Save all original bills because a debit or credit card receipt will not be sufficient if you are audited.
- Set aside time for your books. Committing just 15 minutes a week to sorting and compiling receipts will save you lots of trouble at tax time.
- Keep business and personal expenses separate. Try to keep business and personal receipts separate. If you have a bill that includes personal and business expenses, use a highlighter to quickly and efficiently separate the two categories in order to more efficiently manage your bookkeeping.
- Save all asset receipts. Be sure to save all receipts for items that cost more than $300 that will be amortized over time. This can include computers, large equipment, and vehicles.
- Keep an accurate year-end file for your accountant. Put all important documents into a file immediately after you get them to help your accountant compile your taxes or perform other financial duties more efficiently.
- Know your deadlines. Make sure that you have a calendar in plain sight where you can track your due dates.
- Use a computer. If you do not have access to an accounting program, it is still a good idea to use a computer to track your expenses and sales. Computerized programs will help you organize and research your finances.
- Send a monthly statement to customers. If you track receivables on an accounting program, make sure you take time at the end of the month to see who still owes you money. Send out a monthly statement to those customers because sometimes all they need is an extra reminder. Adding interest is also a good way of creating an incentive for customers to pay you on time.
- Try to reconcile your bank monthly. It’s easiest to reconcile on a monthly basis to spot any mistakes early. It’s also easier to remember specific details within the month of their occurrence as opposed to six months later.
- Outsource. If you find you are spending more time on your books than on your business, outsource your bookkeeping to a bookkeeper. Remember you didn’t start your business to do your books.
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