Bookkeeping Milton Keynes Tips and Advice for Small Businesses

Organising Your Bookkeeping As the owner or proprietor of a small business your role is not necessarily to compile the books for an accountant to inspect that is better left to a bookkeeper. Your position is to ensure that the proper systems are in place to collect all the necessary paperwork, receipts and invoice information so your bookkeeper can complete that task.

Apart from being a resource for the taxman they also serve as a beacon for the company as to how the business is working on a regular basis and where finance is being used and money earned. Bookkeeping provides an essential measure of a companies financial operations.

Record your Income Make sure that you keep a note 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 use a monthly data-sheet that sums all your income streams.

File your invoices and bills Purchase a couple of ring bind folders, which you will use to keep all your bills, invoices and bank statements together. Normally when you open a business account, banks will provide one, as part of the service but the others will keep track of your daily expenditure, bills and purchases is useful.

Again a simple Excel or Open Office spreadsheet will help in collating the figures in one place.

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 basic but effective procedures will definitely make your life easier and for your bookkeeper to record your income and outgoings each month. Organising the solution makes the procedure quick and efficient and ultimately costs you less as all the data is to hand.

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