To make sure you get the results you need it is advised to make sure you input regular routine into your bookkeeping.
This can be done through the following:
It is important to update your records regularly to make sure your business is running smoothly. Don't leave the input of recordable information for long periods of time as it does not benefit your business or yourself.
Also the process of reports cannot be achieved ontime if the information is not there to process.
This could affect important payments and deadlines.
Keep all receipts, invoices and bank statements on file. Keep all your bank statements in a separate file. Reduce your paperwork by doing card payments or credit transfers.
Email invoices and reciepts can be kept in files on your computer, and more usefully in the cloud so you can access them anywhere.
It is important that data input is done accurately to make reconcilliation and end of year statements easier to do and give an overall true standing of your business.
Paying your Creditors on time and vica versa, is very important to the running of your business. cashflow cannot run smoothly by itself.
Being behind with invoicing, and payments to your business, can mean that there is not enough money to pay your debts. This can lead to a bad reputation with your Creditors and fines from HMRC too.
If you are finding that your Debtors are not paying, then chase the debt. You are entitled to do so.
Keeping a separate bank account is a good idea for any business. This keeps the business separate from personal finances and makes reconciling easier. It will also give you a true view of what money you have got to finance and continue your business.
Once you have adopted a particular good accounting method for your business, stick to it.
This will provide a true view of the businesses position year on year.
e.g. Don't change methods such as the way provisions are depreciated or the way stock is valued as this can give a untrue result when the financial reports are produced.
Donot anticipate profits. Only recognised them when they are actually turned into cash.
This is important so that there is truth in the reports that are being produced.
All liabilities should be provided for.
Match costs and revenue with the period to which it relates to.
Revenue is recognised at the point of sale, even if the cash has not yet been recieved.
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