White Collar Consultants Limited

So much more than tax

01952 780 220

accounts@wcc-ltd.co.uk

12 DAYS OF BOOKKEEPING

21/12/2015

F.A.R.T.S   C.O.S.T   R.I.P

       

1. FILING

Have a filing system! For example an in-tray for purchase invoices, when entered onto your system tick the invoice, then file the invoice when paid.- Ensure you have backups filed separately to originals

2. ASK

If you are not sure just ask! Your accountant will be happy to any queries – it can save them time and you money as it stops a problem from snow balling!

3. REFERENCE

Always uses a reference number.

4. TAX

You can only claim the vat on a purchase if you have the VAT number of the supplier (This will be on the receipt) – You also have to vat registered!

5. SEQUENTIAL

Ensure to issue your sales invoices sequentially – this helps you keep track, and makes them easy to find!

6. CATEGORISE

Ensure what the expense is before processing for example is it a telephone bill or is it a material for the business?

7. ORGANISE

Sort receipts into date & supplier order before processing

8. SOFTWARE

Use accounting software or excel – this helps with sums and keeps everything neat and tidy and easy to find! Accounting software is preferred as it is quicker and can save you long term costs.

9. TIME MANAGEMENT

Do your processing regularly! Then you have less receipts and spend ½ hour a week compared to two days of processing at the end of a quarter.

10. RECONCILE

Ensure monthly that everything reconciles to your business bank statement – this can just be a ticking process and adding in what you have missed. DOUBLE CHECK ENTRIES. It may just be a finger mistake but if you brought something for £5 and record £50 on your system it will lead to bigger problems later on.

11. INTERNAL

Internal controls – ensure you’re keeping up on good management of your internal controls. For example processes and passwords.

12. POUNDS

Keep a cash flow – from this you can see you’re in/outs and keep on track on paying your suppliers on time. (Bad cash flow can cause your demise)

 

Bookkeeping

Defined as:  the activity or occupation of keeping records of the financial affairs of a business.

    “I got in a financial muddle because I didn’t keep my bookkeeping up to date”

 

Different software options

  • Excel Spreadsheets
  • Xero
  • QuickBooks
  • Sage

SPEAK TO US FOR HELP WITH YOUR BOOKKEEPING NEEDS

Share this: