5 Top Tips To Efficient Bookkeeping

Creating an efficient bookkeeping system for your business is one of the most important steps you can take to ensure the financial side of your business runs smoothly in an organised and productive way. With a structured system in place bookkeeping need not take up a lot of your time and it will save you headaches when the end of financial year rolls around. It will also free up time for you to work on your business as well. The following top tips will help you take some steps in organising the bookkeeping for your business.

Adopt change and trust the cloud. Move to cloud accounting.

  • Cloud accounting can transform your business and save you a lot of time
  • It can give you peace of mind knowing that even if the unthinkable happens your information is kept safe and protected, as it is updated regularly and state of the art

Keep your personal and business accounts separate.

  • To help simplify your business and personal expenses and save from confusion
  • Your business needs a trading account and a separate account to save for GST/Tax
  • Use Receipt Bank app for cash expenses

Keep everything in one place.

  • ie. invoices, receipts, quotes, contracts etc.
  • Either in your ‘in’ tray, a shoe box, your glovebox or preferably an organised folder with dividers for months and types of paperwork, and plastic sheets to keep the paper in

Spend time each week on your bookkeeping.

  • Choose a day each week to spend on bookkeeping
  • Once organised should only take about 15 minutes a week
  • This will save you time and stress in the long run

Consult a bookkeeper, registered BAS agent or tax professional.

  • This person can help you get the financial side of your business right from the start
  • Save you time, money and stress
  • Explain things you may not understand
  • Give you knowledge about tax and other processes for your business you may not know
  • Is smart for your business

Having an efficient bookkeeping system for your business IS smart business and these five top tips can help you get off to a great start!  Join us for the Six Weeks to Efficient Bookkeeping E-Course starting soon! http://balancebooks.com.au/products/

Disclaimer: The advice contained in Balance Books blogs and newsletters is of a general nature only and may not apply to your individual business circumstances.  For specific advice relating to your situation, please contact your Accountant or other professional adviser to discuss further.  

Sally Hams

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Email: accounts@balancebooks.com.au

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