1 – Always keep on top of your bookkeeping entries.
Its Friday, it’s nearly the weekend and finally time to relax. But don’t go leaving the office just yet. Have you posted your bookkeeping entries for the week? Just think how much nicer your Monday morning will be without having all those invoices in that shoebox on your desk, waiting to be posted.
It’s so important to keep on top of posting your invoices on a regular basis.
2 – Excel is your friend.
If you can’t afford or don’t want the hassle of using a bookkeeping software then excel can be just as beneficial. It can save you the time and hassle of adding up and is great with formulas, meaning everything can be carried across from one month to the next.
Another great benefit is that we accountants LOVE excel, and having it in this easy to read and use format makes us extremely happy. After all, who doesn’t want to make their accountant happy?
3 – Keeping invoices in order
This tip applies to sales and purchase invoices as well as bank statements. There’s nothing worse than searching through a pile of unfiled invoices looking for a receipt smaller than a £10 note to post up.
A great way of keeping purchase invoices in order is alphabetically. Also, having separate folders for paid and unpaid invoices is important and once the invoice has been paid, note the date and how it was paid (ie cheque number or BACS) on the receipt and move from unpaid to paid.
Ella Aldworth – Audit Semi-Senior
We have recently published a book that helps business owners, such as yourselves, grow their businesses using our tried and tested formula. To find out more and download your free copy, head over to The No Brainer Business Book.
Westbury Accountants and Business Advisors is an accountancy practice based in London. Westbury have been providing Accounting and Tax solutions to small and medium sized businesses since 1936. Talk to the team at Westbury on 0207 253 7272 or visit http://www.westbury.co.uk.