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Banish_Those_Bookkeeping_Blues
| Banish Those Bookkeeping Blues!
Are you one of those people who are guilty of just stuffing your
receipts into a folder and thinking 'I'll sort that out when
I've got time'?
Do you need a more organised bookkeeping system, nothing too
flash, just something that's simple and easy to manage?
Follow my tips below and you'll soon have that simple and
easy-to-manage bookkeeping system that won't bring you out in a
cold sweat whenever you hear the words 'tax return'. And I
promise you, it works!
Gather your supplies! Get hold of a large ring binder, divider
cards, A4/letter-sized paper, stapler, pen, all your business
receipts and invoices, plastic folders and a large coffee (or
whatever else you prefer!).
Then lock yourself away for a couple of hours.
Get organised You now need to organise your ring binder into the
following sections:
Invoices - Unpaid -- this section is for your outgoing business
expenses that have not yet been paid i.e. supplier invoices.
Write on the top of each invoice the date it needs to be paid by
and place all unpaid invoices in 'date to be paid' order with
the earliest one on top.
Invoices - Paid -- this section is for your outgoing business
expenses that have been paid or you've paid at the time service
was rendered, i.e. that ream of paper that you bought from the
office supplies store. Staple each receipt on to a blank piece
of paper rather than just putting them directly into the ring
binder. This just makes it easier to see at a glance all your
receipts and you can also make notes on the paper. Also write on
the top of each invoice/piece of paper the method of payment.
Receipts - Unpaid -- this section is for all your invoices that
you have sent to clients that have not yet been paid. Write on
the top date payment is due and put them in date order so that
it's easier if you have to chase overdue invoices.
Receipts - Paid -- this section is for all your invoices that
have been paid. Write on the top the date it was paid and how it
was paid i.e. bank transfer, cheque, credit card etc.
Bank Statements -- this section is self-explanatory! Just keep
everything in date order.
Schedule It In Now that you've got your system in place,
schedule in each week/month to keep your bookkeeping binder
up-to-date. In between updating place all your receipts and
invoices in a plastic folder so that everything is together when
you come to update your system--it would be too time-consuming
to add each receipt as you get it!
What Next? Depending on how far you want to handle your own
accounts, you can either hand your very organised bookkeeping
binder over to your accountant at the end of the financial year
for them to prepare your final accounts, or you can maintain
your own books with the use of financial accounting software.
Either way, you've now got a bookkeeping system that is simple
and easy-to-manage and won't cause you to break out into a cold
sweat at the very mention of the words 'tax return'.
Don't want to do it yourself? Let me help you! Contact me today
to find out more about my budgeting and bookkeeping services.
About the author:
Tracey Lawton, Virtual Office Manager, supports small businesses
and independent consultants with their office administration and
audio transcription projects. She has over 18 years office
management and administration experience for both public and
private sector organisations, as well as independent consultants
and professionals. http://www.traceylawton.com Subscribe:
http://www.traceylawton.com/tips.htm
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