How can I keep accounting/books neat and in order without taking up too much time?
Looking for some easy and simplified bookkeeping tips. I have limited time to spend in the office and keeping track of everything has been time consuming.
It really should not take much to keeping them in order, I think the key is to deal with it at the time you "produce" the transaction - and have a simple filing system.
Some key points:
- You need to have a simple filing system (both paper and electronic) so you know where to put it instantly.
- Whatever it is you have in your hand or inbox, file it appropriately right away.
- Once a week or maybe once a month depending on how many transactions you have per day - set aside a block of time to deal with it (paying invoices, reconciling accounts etc.). It is much easier to deal with this when it is fresh in your mind than 6 months or a year later.
Feel free to reach out if you want some ideas on filing systems, you can also google this, there is tons of information out there. Make sure it (the filing system) feels natural to you :)
I do my books every 2-3 days. It cuts down on doing the work all at once and also allows me to keep my eye on my finances and plan my business budget accordingly.
I use QuickBooks for my business, since it helps me do invoicing, pay bills, track expenses, and I can easily get the records to my CPA at tax time. It takes a bit of time to set it up, but once it's loaded with your info., the day-to-day work is pretty easy and fast. I also have a paper file folder where I keep hard copies of business receipts for expenses for the current year as a back-up. Hope this helps.
Accounting to business is what Respiration is to a living being, it should be developed and made into as natural as possible. After all what's the use of all the toiling if you need to rely on somebody to find out how are you doing...! All the best!
TIPS : to have clean and neat accounting books for business.
1. make double accounting entries on daily basis in your accounting excel sheet or software.
2. do proper documentation if you have record entries in books
3. Install accounting software or build proper ecxcel sheet to record data.
with the help of the above tips, you will have effective data for accounting to record.
the easy answer is to hire me or someone like me. A trained accountant goes along way towards keeping your books in neat and working order. I work with many restaurants and develop a solution that works for them.
On windows quickbooks, on linux I use GNU cash but here are some alternatives which should work on whatever system you are using. http://www.opensourcealternative.org/alternatives/business/open-source-alternative-to-quickbooks/
Have a look at Xero. It's cloud based so you can access from any device anywhere. The transactions are remembered so each time the same payee or description is input, it automatically prepares the account allocation.
I would say it has saved my business 75% in processing time.
i have set up many businesses and trained staff or owners in Xero. All have excelled.
Please contact me if you require setting up Xero.
All the best
Just Install Quick Book or Tally Software for your easy and simplified bookkeeping
I use online accounting software that I can assess on my phone, it means that I can do my books on the train on the way into work or when waiting at the doctors etc with minimal fuss.
an online package also means your accountant can have access to it too.
I think the thing to remember is to keep on top of it, the worst thing is to get to the end of the year with a box full of receipts as noone wants to sort that (except maybe an accountant!)
Hope you are using QB. When you write check to vendors, you better write direct from your accounting system instead of handwriting. Download transactions to QB at least 1 time a month.