When you aren’t sure what you’re doing, bookkeeping can seem like such a chore. Make sure you are doing it right by adopting these five habits that will make your life easier when it comes to keeping the books in order.
1. Keep your records organised for the entire year – not just at tax time.
Far too often do we get to tax time and suddenly it is a mad scramble to get everything organised. Keeping your records in order throughout the whole year will make tax time a lot easier for you – and your accountant.
2. Have due date reminders set for the bills you need to pay.
Employing a system that will send you an automatic reminder when you have a deadline or due date coming up will prove to be very valuable to your bookkeeping system. Never have a late bill again!
3. Cloud accounting- it’s the new thing now.
It may be scary to switch over from trusty old spreadsheets and piles upon piles of printed receipts, but online accounting software is the here and now. Cloud accounting has its benefits in the fact that it unifies all of your company’s bookkeeping and makes it incredibly easy to distribute reports and such as needed.
4. Stop putting off your bank statement reconciliation.
It is a dreaded task- we know, but it is a task that is essential to the upkeep of your bookkeeping. Many people do this every six months or so – but then you have six months worth of bank statements to go through! Reconcile your bank statements monthly to make less work for yourself and pick up any issues or discrepancies earlier.
5. Input your receipts straight away.
It is very easy to lose a small receipt, which happens to be the one you need. By inputting receipts immediately after purchase, you will never lose a receipt again.
Start your good bookkeeping habits right now, it will only make your life easier and your bookkeeping system tidier.