Follow these tips and you will reduce the time
I spend doing your books and so save yourself money.
1. Make sure you get a receipt/invoice for every business
payment that you make
2. Record all of your takings and
if you take money out before your count up (e.g. from the
till to make a payment), be sure to include this amount
in your takings as well
3. Clearly record any non-sales income,
in particular your own money that you bring into the business
4.
Write up your chequebook stubs fully: payee, item purchased,
supplier invoice number
5. Don’t use your business
money to make private payments, but draw out round lump
sums e.g. a few hundred pounds once per month. These
are your drawings, and use your private bank account to make
private payments
6. Keep and file everything i.e. bank
statements, sales invoices, till rolls, purchase invoices/receipts
(file these in payment date order)
7. Use separate files
for items
(a) Paid by cheque/switch, DD
(b) Paid by cash
(c) Paid from private money
8. The best filing system is lever
arch files, cardboard dividers and punched "poly" pockets
9.
Keep a cashbook:
For bank payments - record the date, cheque number, the total
amount in a "total" column, (VAT if applicable
in a "vat" column), and the (net of vat, if applicable)
amount under a relevant "expense" column.
For receipts (i.e. money into the business) show
the total banked, and where it came from
10. Add up the entries
in the cash book columns, then check your additions by ensuring
the totals of the individual "expense" columns
= the total of the "total" column. |
