Ten Tips for Managing Your Bookkeeping Records

Posted on 09. Oct, 2017 by in Bookkeeping Articles, QuickBooks, Small Business Tips

Ten Tips for Managing Your Bookkeeping Records

One area that all businesses have in common is bookkeeping. No matter what products you sell or service you offer it’s important to know your financial status at all times. 

Here are ten tips to help you better organize your bookkeeping records.

  1. Never commingle personal and business expenses.
  2. Enter vendor invoices into your Accounting File as soon as you can.
  3. Use an accordion vile (A-Z) to file your vendor invoices instead of taking up valuable file space.
  4. Sign up for online bill pay with your bank to save on postage and potential late fees.
  5. Reconcile bank statements monthly.
  6. Enter credit card purchases weekly and reconcile monthly.
  7. Keep your Chart of Accounts simple.
  8. If you are a subcontractor obtain W4 forms and enter tax info when received.
  9. PayPal should be treated like a checking account and reconciled monthly.
  10. Outsource! If you find you just do not have time, partner with a virtual bookkeeper (and start enjoying the things you actually love to do.)

Now, the next time you open up QuickBooks, everything will be nicely organized for you!

If you have any questions or would like to schedule a complimentary consultation contact us today.

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