In-house bookkeeping – Top tips
Knowing where to start with your in-house bookkeeping can be tough. As one of the building blocks of your business, you need to be on the ball with your accounts from the get-go.
Here are some of our top tips for making sure your bookkeeping stays on track.
Set plenty of time aside
Bookkeeping needs to be given enough time and attention to be done properly. The smallest mistake can cause a lot of damage for your business. If it’s not given high priority, you’re much more likely to slip up or miss things out.
Carve out specific time in your working week for your bookkeeping. This needs to be a regular time slot dedicated to keeping your accounts in check.
Keep on top of EVERYTHING
Record, record, record. If you’re bookkeeping in-house, ‘the ‘I’ll just do it later’ mentality will cause a whole lot of problems down the line.
Every expense, payment, invoice. It all needs to be recorded clearly and stored safely. Otherwise you could end up losing important information, have missing pieces of your financial picture, and make misinformed decisions when it comes to financial planning.
Try going paperless, or paper-light
The average office worker will use around 10,000 sheets of A4 paper a year. That’s a pretty shocking statistic. A lot of the time, paper doesn’t need to be used. Especially with the range of digital processes available to businesses nowadays.
Digital bookkeeping is a great way to cut down on your paper usage. Not only does it help the planet, it saves you time, money and improves the security of your data. Security and accuracy must be a priority when it comes to bookkeeping. If numbers aren’t your strong suit, it’s much better to have a computer do the heavy lifting for you.
If you’re doing your own bookkeeping, going digital and going paperless come hand in hand. There’s a range of accounts management systems to choose from that best suit your business needs. Make sure you do your research before investing.
Invest in training
If you have concerns about going digital because you’re not sure how it works, investing in training is a really important next step. Make sure you and the rest of the team know how to make the most of the system you choose to invest in.
Though it’s an initial extra expense, it’s worth it for the long-term result. After all, you don’t want to invest all the money in that software if you don’t know how to use it properly.
Know when to ask for support
It can be very easy to try and push through and keep trying to manage everything on your own. Unfortunately, that can lead to mistakes. Not just for your bookkeeping, but for other aspects of your business too.
If you’re unsure about anything with your accounts, it’s always better to ask for support from an expert. Whether it’s advice about which software to use, questions about records you need to keep, or general financial guidance, consulting with an expert will give you peace of mind.
At Numero, that’s what we’re here to do. Talk to us today about how we can help you make the most of your bookkeeping.
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