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Organising Your Bookkeeping As the owner or proprietor of a small business your role is not necessarily to compile the books for an accountant to inspect that is better left to a bookkeeper. Your position is to ensure that the proper systems are in place to collect all the necessary paperwork, receipts and invoice information so your bookkeeper can complete that task.

Apart from being a resource for the taxman they also serve as a beacon for the company as to how the business is working on a regular basis and where finance is being used and money earned. Bookkeeping provides an essential measure of a companies financial operations.

Recording your income Ensure that you keep track of your avenues of income, a simple excel or Open Office worksheet should suffice. Record the date, the item, the cost, the postage, and the payment option. If you have a selection of various sources keep a record of each business activity and have a monthly worksheet that calculates your income.

Filing your invoices and bills Its a good idea to purchase several ring bind folders, which you may use to store all your bills, invoices and bank statements in one place. Usually when you start a business account, banks may let you have one as part of the service, but the others will help keep track of your daily expenditure, bills and purchases, this can be very useful.

Just a reminder that a simple Excel or Open Office worksheet can help in keeping the figures in one location.

Expenses and receipts The bookkeeper will ask that you keep records of your costs, mileage, petrol purchases and any company related purchases you make. Have a filing or storage process and store in month order and have an envelope or container that stores the various paperwork.

These basic but effective procedures will definitely make your life easier and for your bookkeeper to record your income and outgoings each month. Organising the solution makes the procedure quick and efficient and ultimately costs you less as all the data is to hand. – 35634

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