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dreaded bookkeeping

Some quick tips for bookkeeping

Now, if there is one thing I’d bet the house on, it would be that if you had one wish from the ‘Alladin of Business’ (oh yes there is such a thing!), you’d wish a spell to deal with all your bookkeeping, forevermore. Right?

It’s the one thing I think nearly kills us small businesses. It’s as if someone thinks this is a knowledge we need, will be gained whilst eating out cornflakes! Actually it’s not meant to be evil. Like the Da Vinci Code, those who decipher will be more blessed. As there are so many clues, lessons and shortcuts if you know your numbers. But, let’s see what the community has said about the best ways to make it easier. Hope something helps, in the land of numbers!

1. ‘Do a bit of bookkeeping everyday, instead of waiting till the pile falls down’. Have a box that’s designated for anything to do with that side of the business. At least it will be in one place, when that time comes!

2. ‘Have a half day allotted in your diary every three weeks’. Part of the whole issue, is the burying your head and allowing it to become the nightmare! Create a filing system, and do a little every so often.

3. ‘Separate your business from you’. There is nothing like trying to work out, what’s a business expense and what’s the weekly food shop. Use a corporate bank account, so finances are not mixed together.

4. ‘No cash’. Pay using the company’s cheques, corp card or by bank transfer. Cash is a nightmare to track. Try and pay for everything so that it lands on your bank statement. You’ll thank yourself later.

5. ‘Do your expenses’! Spending your own money on something that is a company expense, isn’t as kind as you think. You might be feeling that your being kind to the business, but it ends up then becoming a false reality.

6. ‘The accountant in the screen – use them’. Thanks to the ‘day’ we live in, there’s possibly the best thing to be invented – online business tools to do it all bookkeeping for you! Once signed up – you can do everything! Invoices, monitoring cash, analysing sales,  Managing VAT, payroll – you name it!

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