2020 hasn’t exactly been anyone’s favourite year on record, and the team at Natural Numbers in Chippenham are looking forward to helping local business owners have a much less stressful 2021 with these top tips for successful bookkeeping.
- Keeping track of debtors and creditors is often considered part of managing your business’s cashflow, but it also helps to protect your reputation. By staying on top of invoice payments and receipts, you are not only looking after your finances, but you are showing the people you work with that you are reliable and organised.
- Tracking sales regularly means that you will keep an eye on whether you need to register or deregister for VAT in “real time”, avoiding any surprises and helping you stay in control.
- Regular bank reconciliation is important, not only to stay on top of your cashflow but also to give you the opportunity to identify any suspicious or erroneous payments. By building this into your bookkeeping on a regular basis you will be protecting your finances at the same time as keeping your paperwork tidy.
- Do not fall into the trap that so many business owners fall into and leave your paperwork until the middle of the night or the end of a busy day. Paperwork is seen by many business owners as a necessary evil and is always the last job to be done but looking after your bookkeeping when you are tired makes it much more likely you will make mistakes.
- Keep your source documents tidy – no one knows how good their filing is until they need to find something! By keeping your source documents well organised you’re less likely to miss things and much more likely to be able to locate any paperwork you might need further down the line.
- Recognise if bookkeeping is not your strong point and think about whether outsourcing would be a better business or personal decision for you. Business owners are prone to trying to do everything themselves but remember that your expertise is in your chosen industry; you don’t have to be an expert in every aspect of running a business. Outsourcing something like bookkeeping can take a weight off your shoulders, give you back some precious free time and put your business’s paperwork in the hands of a specialist without costing the earth.
For more information Visit Natural Numbers online at:
Contact the team on 01249 445445 or via email:
email@example.com to discuss your needs.