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Viewing articles tagged 'bookkeeping'

Backing Up Financial Records Protecting what matters.WHYFinancial records are among the hardest things to reconstruct.WHAT TO... Bookkeeping and Records: Everything That Matters, Briefly The whole category in one page.IMPORTANT NOTEThis is general information, not accounting or tax... Building a Bookkeeping Routine Consistency over effort.THE PRINCIPLEA little, often.A year recorded at filing time takes days... Chasing Late Payment Getting paid.WHEN TO STARTThe day after the due date.Not weeks later.THE SEQUENCEA friendly... Choosing How to Keep Records Paper, spreadsheet or software.PAPERWorks for very small volumes.Difficult to search, easy to... Common Bookkeeping Mistakes What goes wrong.MIXING BUSINESS AND PERSONAL MONEYMakes everything else difficult.RECORDING... Handling Cash Transactions The hardest to track.WHY CASH IS DIFFICULTIt leaves no automatic record.WHAT TO DORecord every... Issuing Invoices Properly What an invoice needs.WHAT TO INCLUDEYour business name and address Your registration number, if... Keeping Records Securely Protection and privacy.WHAT YOUR RECORDS CONTAINCustomer names and addresses Payment information... Knowing Whether You Are Profitable The basic question.THE CALCULATIONIncome, less all costs, over a period.WHAT PEOPLE GET... Managing Receipts and Documents The paperwork.THE PROBLEMReceipts accumulate, fade, and get lost.WHAT TO DOPhotograph them... Managing What You Owe Payables.WHAT TO TRACKEvery supplier invoice Its due date Whether it is approved for... Preparing for Your Accountant Reducing the cost.WHAT THEY NEEDComplete records for the period Supporting documents Bank... Reading Your Own Figures Making sense of them.WHAT TO LOOK AT MONTHLYIncome Costs by category Profit Cash position... Reconciling Your Bank Account Checking your records against reality.WHAT IT MEANSComparing your records against the bank... Recording Expenses Correctly Money going out.WHAT COUNTSAnything the business spent.WHAT PEOPLE MISSTransport Data and airtime... Recording Income Correctly Money coming in.WHAT TO RECORDEvery sale, whether paid immediately or not.THE DISTINCTIONA sale... Retention: How Long to Keep Records Storage periods.WHAT DETERMINES ITLegal and tax requirements, which vary.WHAT TO DOAsk your... Separating Business and Personal Money The first rule.WHY IT MATTERS MOSTMixed money makes everything else difficult.WHAT IT CAUSESYou... Setting Up a Simple Spreadsheet System A practical starting point.WHAT YOU NEEDA sheet for income A sheet for expenses A sheet for... Tracking What You Are Owed Receivables.WHAT TO TRACKEvery unpaid invoice Its due date How overdue it is What action you have... Understanding Cash Flow Timing, not profit.THE DISTINCTIONProfit is income less costs over a period.Cash flow is when... Using Records to Price Correctly Connecting bookkeeping to pricing.WHY RECORDS MATTER FOR PRICINGWithout knowing your costs, any... What Records to Keep The list.INCOMEEvery sale, with date, amount and customer Invoices issued Receipts... Who Should Have Access to Your Records Controlling financial information.WHO NEEDS ACCESSYou Your accountant Anyone who records... Why Bookkeeping Matters Beyond compliance.WHAT IT ISRecording money in and money out, consistently.WHY BUSINESSES DO...

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