Fed up with looking at this every month?
Here are our 5 top tips to help you get super-organised.
1. Each week set aside a couple of hours for paperwork – this could be for raising sales invoices, filing receipts or sending payment reminders. Friday afternoons often work best as this is the quietest time of the week for most businesses.
2. Deal with paperwork little and often – this makes it less of a chore.
3. Use envelopes for your filing system
– If you buy items that relate to specific jobs/clients put the receipts into an envelope marked with your client’s name along with the sales invoice. This way you will know you are invoicing the correct amount.
– Put receipts for any items you purchase on behalf of the business into a separate envelope. Depending on how many purchases you make, collect receipts either weekly or monthly.
Once you have sorted your receipts into envelopes, it is a lot easier to enter them into your bookkeeping system. Just don’t forget to mark the envelopes once entered, so you don’t end up adding them twice!
4. Put your sales invoices in numerical order in a lever arch file. This makes them easier to find when you want to mark them as paid and stops you wasting time chasing clients who have already paid you.
5. Set up virtual folders to represent the envelopes and lever arch file system if you have most of your sales and purchase information electronically.
Don’t have a bookkeeping system? – Use our service
If you don’t have a bookkeeping system, then we will happily manage the whole the process for you. Once you have sorted your receipts into the envelopes, simply drop them off to us and we will do the processing for you. To provide a full service, we will also need copies of sales invoices and bank statements.
Not only does this remove the hassle of having to manage the bookkeeping yourself, but more importantly any queries can be answered soon after the end of the month in question, when you are more likely to recall the information. When the time comes, this makes preparing your annual accounts or tax return a lot easier for both of us.
If you would like to learn more about our bookkeeping service, please get in touch.