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Good bookkeeping keeps your business together.

Janelle Solomou, Accountant and Bookkeeper at Rethink Accounting

Here are several habits of business bookkeeping; we recommend if you are managing the bookkeeping on your own.

  1. Keep Good Records – ensure that invoices are obtained for every purchase and the method of payment is recorded.
  2. Record Customer Receipts  at your earliest convenience ensure all income is recorded correctly.
  3. Bank Account Statements – for easier reconciliation request statements with a month-end cut-off date.
  4. File Paid Invoices – start new file folders at the beginning of each financial year for all your paid invoices and paid bills. These days this can be done online with many bookkeeping programs. It’s just a matter of scanning the invoice or receipt and uploading it to your program.
  5. Maintain Weekly Records – if you don’t have time to do a little bookkeeping each week, when will you find time to record a month’s or a year’s worth of accounts? Trust me it’s a lot easier.
  6. Don’t Over-Categorise – make processing easy: don’t use separate sub-categories when something simple like ‘Office Supplies’ can cover paper, ink cartridges, pens etc.
  7. Don’t Under-Categorise Either! – never create categories like General, Sundries, Miscellaneous etc.
  8. Computer Software – remember the old saying “garbage in – garbage out”. If you want reports you can trust and you want to prevent wasted time or doubling-up of data entry, be sure your software is set up correctly from the start. Consult an expert! 
  9. Stick With It and Be Consistent – consistency is essential to successful business bookkeeping.
  10. If  It’s Too Much Don’t Do It – if taking up time that you could be spending on things you and your business are good at, then I recommend you get the support of a professional bookkeeper.

Benefits of hiring a contractor for Bookkeeping services

  • One invoice to pay each month
  • Flat hourly rate, no need to pay overtime or penalty rates
  • No Superannuation
  • No workers compensation
  • No payroll tax
  • No issues with internal payroll missing pays due to sickness or holidays as we have a team of expert bookkeepers to ensure you have no downtime
  • Consistency of data entry
  • Expertise of knowledge
  • Bookkeeping services with the knowledge and back-up support of fully qualified CPA’s

If you would like to learn more about how Rethink or our bookkeeping service can support you and your business, please phone us on 02 4962 4440 or email ask@rethinkfinancial.com.au for a complimentary review.

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