Recorded Depreciation Expense For The Year Investing Operating Or Financing Top 10 Small Business Bookkeeping Tips

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Top 10 Small Business Bookkeeping Tips

These small business bookkeeping tips will help you update your books and keep them in less time. They will help you maintain financial control and manage your working capital more efficiently and safely.

  1. Before you consider recording any transactions in your account, organize your paperwork in your files according to these accounting principles. This will save you time, and time is money.
  2. Work out how much you make per hour in your business. If the answer is more than hiring a professional bookkeeper, then hire one. If not, do the transaction processing yourself. Get a tax accountant to do your year-end filings so you don’t have to comply with arbitrary government regulations, and miss out on tax breaks.
  3. When you’ve got your paperwork in order consider how you’re going to record your transactions. This can be in traditional hand written accounts, or more likely using software. Understand your accounting software needs before you buy anything to prevent disappointment.
  4. If you don’t have a lot of money to invest in financial software, consider using open source accounting software. This can be achieved at little or no cost. Click on the link above to know the pros and cons of using open source.
  5. After you’ve decided what you’re going to record your transactions, follow these basic bookkeeping tips to ensure you record your transactions as efficiently as possible.
  6. Make sure all cash is in the account by performing a bank reconciliation. Make sure that the transactions recorded on your bank statement are recorded on your books, and that the balance on your statement agrees with that on your books. Make sure you know the amount of any uncleared and undelivered check(s) that will explain any actual differences between your account statement and the account.
  7. Likewise, make sure all petty cash is accounted for by counting the cash in your cash box and agreeing it in your cash book.
  8. Do routine calculations on the items you keep in stock, and make sure what’s recorded in your books agrees with the quantities you have on the shelves. This is one area where tight control pays dividends as unexplainable variations often occur due to sales ‘samples’, malfunctions, quality defects, returns etc. This is an important area to get right as any differences must be reflected in the financial statements. And usually directly affects the profit line.
  9. Keep an immovable property register. Even if you don’t have an account on your books, certain asset registrations are necessary to keep track of essential business tools. This means cost, location depreciation, purchase date and remaining life. The value of these assets is kept on your balance sheet. It can be surprising how, as you grow, things you thought were gone! Especially small high value technology.
  10. Follow these small business bookkeeping tips, but remember to use the information you keep inside your books wisely. Working capital management is how you manage your daily, weekly and monthly cash, payables, supplier payments and inventory/stock control to keep you in business, and make a difference to your business bottom line (profit line).

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