Top 4 Bookkeeping Tips for Maintaining Accurate Records For Your Business

Do you run a small business that doesn’t have the budget to hire full-time accounting services? If so, many options are available to you. With easy-to-use bookkeeping apps and software, balancing your own books is easier than ever. But, good bookkeeping requires a healthy balance of old fashion practices and modern software. Here are four ways to efficiently mange your business’s books.

Make Bookkeeping Part of Your Weekly Schedule

maintain accurate record for business

All of the following tips will be useless if you can’t actually find time to implement them. That is, you need to create some time in your schedule to actually handle the bookkeeping. It is not something that you can effectively handle in your free or extra time. Even just an hour a week could be enough to get your records in order.

Save All Your Receipts

You’ll have a hard time managing your accounts if you can’t find your receipts and invoices. Both your printed and digital receipts need to be stored in a safe place. Make sure you have a subfolder in your email for “Receipts” and another for “Invoices.” Some people will over-complicate this task by further dividing the receipts by customer name, size, date, etc. But, the time it takes to categorize each bill and put it into the coordinating folder might end up discouraging you from doing it. If there are just two clearly defined subfolders, you can immediately send the email to the right place.

The same goes for printed receipts. A simple filing system, whether it be a cabinet, a file box, or a portable receipt holder, you want to have a place where your paper bills, invoices, and receipts can be reliably put away.

Using Accounting Software

Intuit’s QuickBooks is the most commonly used bookkeeping software. It is a product that works great for small businesses or large multinational corporations. Simply put, it is reliable, affordable, and offers great tech support. You don’t need to be CPA to get the most out of QuickBooks, though it is the tool most commonly used by accounting professionals.

Use Printable Deposit Slips

One great thing about QuickBooks is that is extremely print friendly. Even in this digital age, your business will have many reasons to print out receipts, invoices, and other accounting records. QuickBooks makes this easy. For instance, the ability to order printable deposit slips is a convenient way to smartly integrate your accounting. Printable deposit slips with your business name, address, and all relevant account numbers can be ordered in bulk. These convenient slips make trips to the bank a matter of just dropping the slips into an envelope and putting them in the deposit box. You will appreciate shorter, hassle-free trips to the bank.

When it comes to bookkeeping, it is all about proper management and organization of your digital files and vital paper receipts. You don’t need to be an accounting expert to handle your own books, but you do need to keep your data and time organized. It might take some time to figure out the most efficient methods, but proper bookkeeping could save your business a lot of money.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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