Here are some basic tips for good record keeping and finances.
- Avoid the use of cash. Cards etc. create a paper trail that can be followed and are ideal for record keeping.
- Move to cloud based bookkeeping. It’s more user friendly in that you can see your accounts no matter where you are and your bookkeeper does not have to take up space at your office.
- Find a good bookkeeper. Someone that will tell you as it is so you can plan.
- Plan for taxes. There’s always some tax, GST or other. You need to be aware of these obligations.
- Dedicate time to your books and bookkeeper. You all need to be on the same page and your bookkeeper is an important part of your business.
- Always give your bookkeeper as much information as possible like customer details and invoiced amounts.
- Keep on top of debts. The longer they go on the more likely they will take a back seat as new things will take up the customer’s time.
- Decide beforehand how each customer is to be managed. Things such as credit allowed should be made clear to your bookkeeper so they can advise when limits are being reached.
- Plan for expenses, especially capital purchases. Don’t get caught out.
- Have a good relationship with your bookkeeper and work closely to keep your business healthy.
DISCLAIMER
This Tips List is general in nature and readers should consult their bookkeeper or accountant for specific information about their business, procedures and finances,