01/12/2021
In business, there’s nothing more crucial than making 💶💵💷💳💎🪙💰
To stay afloat and achieve goals, you have to turn over profits. If you don’t have a firm grip on your finances, there’s every chance that you could encounter unexpected obstacles or run into cash flow issues.
Hiring a bookkeeper will ensure that your books are in order from day one ☝️
What is Bookkeeping?
Bookkeeping is a process of recording financial transactions. It is further defined as the process of reconciling, tracking, storing, and retrieving of financial data for a business, non-profit organization, individual, etc.
The most common tasks of a bookkeeper include:
• Bank Reconciliations
• Ledgers (Payable / Receivable)
• Recording, filing, & managing receipts
• Inventory tracking VAT returns
• Financial Reporting & more
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8 SMALL BUSINESS BOOKKEEPING :
1. Keep business and personal banking separate – if you mix the two, it will quickly become a complicated mess.
2. Keep all your financial records, your receipts and invoices for expenditure.
3. Invoicing and filing has to be done regularly to be on top of your paperwork. ☝️ Keep your purchase and sales invoices separately.
4. It is essential to keep detailed records of your petty cash transactions.
5. Credit control is a vital function of bookkeeping so keep an eye on your debtors. Slow and late payments can harm your business and mess with your cash flow.
6. It is important to reconcile your bank accounts regularly. For the business owner, it is essential to review your accounts weekly to pay any overdue supplier invoices and chase unpaid invoices.
7. Forward planning is an essential part of bookkeeping, as it is mandatory to make provisions for all taxes due to authorities.
8. A vital bookkeeping tip is to obtain simple accounting software that meets your business needs.
It ensures your information is safely stored in the cloud, and you have access to your financial status at any time.
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#ирландия #бизнес
