Every business, no matter how big or small, must keep accurate records of all transactions and purchases, which allows the owner to determine the performance of the business. Most entrepreneurs have little or no experience in accounting, and unless you set up a system from the very beginning, you could end up in chaos. If you are about to launch your company, here are a few tips to help you keep accurate business records.
Make Good Use of Available Technology
There is specialised business software that makes bookkeeping much easier, with basic programs such as Microsoft Excel, which is a spreadsheet program that has many powerful tools in built that save you a lot of time. Using business software, you can:
- Create graphs and charts
- Log your income and expenditure
- Produce clear reports
- Create forecasts
Start as you Mean to Continue
Accounting should begin at the very outset, and with experienced accountants in St Albans who can help you create a daily routine, your accounts will be very easy to audit. If you have a routine, which might be filling in data at the end of each working day, then things won’t get on top of you, and with the help of a qualified accountant, your bookkeeping will always be up to date.
All receipts should be numbered to match the spreadsheet entries, which makes things easy for your accountant, and the more you help him, the cheaper his services are. Itemise every expense and create columns for things like:
- Premises rental
Once you have established a routine, your business records will always be up to date and you can see at a glance how the business is performing.
Infographic created by Clover, a POS system company