20 Bookkeeping Tips
Keep Your Records Organized
Keep Your Personal Finances Separate
Use Cloud Accounting Software
Create a Simple but Functional Chart of Accounts
Go Digital with Your Payroll
Segregate Duties for Each Part of the Cash Conversion Cycle
Regularly Reconcile Your Bank Statements
Keep Track of Your Financial Data on a Monthly Basis
Perform a Self-Audit
Document & Deduct Expenses That Are for Personal/Business Use.
Detailed Inventory Records are Important.
Take Control of Your Accounts Receivable
Plan for Major Expenses Including Taxes.
Don’t Wait Until Year End to Talk to Your Accountant
Take Advantage of Small Business Tax Credits & Deductions.
Leave an Audit Trail.
Petty Cash Receipts are Important.
Use the Appropriate Accounting Method.
Avoid Paying Business Expenses in Cash.
Find yourself a great Bookkeeper.