20 Bookkeeping Tips

Keep Your Records Organized

  1. Keep Your Personal Finances Separate

  2. Use Cloud Accounting Software

  3. Create a Simple but Functional Chart of Accounts

  4. Go Digital with Your Payroll

  5. Segregate Duties for Each Part of the Cash Conversion Cycle

  6. Regularly Reconcile Your Bank Statements

  7. Keep Track of Your Financial Data on a Monthly Basis

  8. Perform a Self-Audit

  9. Document & Deduct Expenses That Are for Personal/Business Use.

  10. Detailed Inventory Records are Important.

  11. Take Control of Your Accounts Receivable 

  12. Plan for Major Expenses Including Taxes.

  13. Don’t Wait Until Year End to Talk to Your Accountant

  14. Take Advantage of Small Business Tax Credits & Deductions.

  15. Leave an Audit Trail.

  16. Petty Cash Receipts are Important.

  17. Use the Appropriate Accounting Method.

  18. Avoid Paying Business Expenses in Cash.

  19. Find yourself a great Bookkeeper.

AITC