July 2, 2015
By Sarah
tips
Our last blog covered some of the reasons why bookkeeping is important. Following that, here are a few bookkeeping tips:
- reconcile bank accounts monthly – this will help identify any data entry errors and confirms all transactions on your bank statement have been entered.
- keep all of your invoices/receipts – this will help you maximize tax deductions.
- maintain an audit trail – invoices and cheques should be in numerical order; never skip numbers, “void” the item.
- review your financial statements regularly – this will allow you to identify any issues, make informed business decisions and track your performance to goals/budgets.
- plan for major expenses – this will help you manage your cash flow and maximize tax deductions.
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