Organising Your Bookkeeping If you are the owner or proprietor of a small to medium business your day to day work is not necessarily to fill in the log books for an accountant to inspect that job is best left to the bookkeeper. Your job is to guarantee that the required systems are in order to collect the necessary paper-work, receipts and invoice facts so your bookkeeper can complete their task.
Apart from being a record for the taxman they also act as an indicator for the owner as to how the business is running on a daily basis and where finance is being spent and income earned. It provides an accurate measurement of your companies financial operations.
Record your Income Ensure that you keep a track of your sources of income, a simple excel or Open Office spreadsheet should be sufficient. Record the date, item, cost, postage, and payment method. If you have a number of different sources keep a record of each business activity and have a monthly sheet that calculates all your income.
File your invoices and bills Purchase a few ring-bind folders, that you can then use to keep all your bills, invoices and bank statements in. Often when you open a business bank account, the bank will supply one as part of their welcome pack, however the extra sets will help keep track of your businesses daily spend, bills and purchases.
Again a basic Excel or Open Office datasheet will help you collect the figures all in one location.
Expenses and receipts The bookkeeper will insist that you keep track of your expenses, mileage, petrol purchases and any business related purchases you make. Keep a filing or storage system in month order, an envelope or box that contains the relevant paperwork.
These simple but effective systems will make is easier for your bookkeeper to catalogue your income and outgoings each month. Organising the system makes the task quick and efficient and ultimately saves you money as all the information is to hand.
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