Spring is here; time to get everything in order, including your books. Spring cleaning is not just about the garage, basement, or bedroom, but also about your business especially the record-keeping process. It does not matter what kind of business you run, bookkeeping can be a tedious messy task. It takes time and effort to make sure records are always up to date. Bookkeeping is not a one-time job – you must put yourself into it every single day to avoid discrepancies, variance, and other potential mistakes. Take this year’s spring cleaning occasion to also address possible issues with your bookkeeping process. Here are some things you can do as a start.
- Review the recent tax year: it is never too late to tie up some loose ends. Make time to record income and expenditure for the previous tax year; you can do this by finding all business receipts and invoices. If you have not done so, make this a priority. Look for the records everywhere around your desk: drawers, purses, bags, and even your pockets. Record everything you can find on an accounting software or spreadsheet.
- Review your expenses: spring cleaning your books also involves the elimination process of ineffective expenditures. Take a second look at your bank statements as well as all services, subscriptions, or memberships that cost you money. In the event you find one or two services which give no benefits whatsoever, cancel them at once.
- Set up separate bank accounts: using a single bank account for personal and business can make things go wayward pretty easily. It may not be a problem if your personal transactions are limited, but that would not be the case in most situations. Separate business bank account, allows you to keep a check on business-related transactions.
We at 360 Accounting Services are here to help you get organised; get in touch with us by phone 1300 360 749 or by completing the enquiry form here