5 Essential Bookkeeping Tips
Part 1
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Part 1
- 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
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