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5 Essential Bookkeeping Tips

Keep private money separate from the business; establish a petty cash system for small / ad-hoc purchases
Credit control – monitor debtors and keep on top of them
Put some money aside each month to help pay VAT and tax liabilities
Understand your clients business, needs and implement systems accordingly.
Use a professional allowing you to focus your time on running the business and which should also help to reduce your yearend accountancy fees

Keep up to date – update your records regularly to reduce the risk of losing information or forgetting things
Bank cash / cheques as soon as possible
Ensure you get a receipt / invoice for everything you buy
Keep files for different information; file sales invoices in numerical order and purchase invoices in some sort of logical order
Ensure all bank statements are maintained and kept on file

Gabriella Cole resides in Farnborough. She is currently engaged. She also writes about The Local Accounts Department Service Farnborough, The Online Local Bookkeeping in FarnboroughManagement Centre for Financial Farnborough. When she is not working or writing, she is watching baseball.