Are you one of those people who are guilty of just stuffing
your receipts into a folder and thinking 'I'll sort that
out when I've got time'? Do you need a more organised
bookkeeping system, nothing too flash, just something
that's simple and easy to manage?
Follow my tips below and you'll soon have that simple and
easy-to-manage bookkeeping system that won't bring you out
in a cold sweat whenever you hear the words 'tax return'.
And I promise you, it works!
1. Gather your supplies!
Get hold of a large ring binder, divider cards,
A4/letter-sized paper, stapler, pen, all your business
receipts and invoices, plastic folders and a large coffee
(or whatever else you prefer!).
Then lock yourself away for a couple of hours.
2. Get Organized
You now need to organize your ring binder into the
following sections:
Invoices - Unpaid -- this section is for your outgoing
business expenses that have not yet been paid i.e. supplier
invoices. Write on the top of each invoice the date it
needs to be paid by and place all unpaid invoices in 'date
to be paid' order with the earliest one on top.
Invoices - Paid -- this section is for your outgoing
business expenses that have been paid or you've paid at the
time service was rendered, i.e. that ream of paper that you
bought from the office supplies store. Staple each receipt
on to a blank piece of paper rather than just putting them
directly into the ring binder. This just makes it easier
to see at a glance all your receipts and you can also make
notes on the paper. Also write on the top of each
invoice/piece of paper the method of payment.
Receipts - Unpaid -- this section is for all your invoices
that you have sent to clients that have not yet been paid.
Write on the top date payment is due and put them in date
order so that it's easier if you have to chase overdue
invoices.
Receipts - Paid -- this section is for all your invoices
that have been paid. Write on the top the date it was paid
and how it was paid i.e. cash, check, credit card etc.
Bank Statements -- this section is self-explanatory! Just
keep everything in date order.
3. Schedule It In
Now that you've got your system in place, schedule in each
week/month to keep your bookkeeping binder up-to-date. In
between updating place all your receipts and invoices in a
plastic folder so that everything is together when you come
to update your system--it would be too time-consuming to
add each receipt as you get it!
What Next?
Depending on how far you want to handle your own accounts,
you can either hand your very organised bookkeeping binder
over to your accountant at the end of the financial year
for them to prepare your final accounts, or you can
maintain your own books with the use of financial
accounting software.
Either way, you've now got a bookkeeping system that is
simple and easy-to- manage and won't cause you to break out
into a cold sweat at the very mention of the words 'tax
return'.
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Office Organization Expert, Tracey Lawton, teaches
professional speakers, coaches, and authors how to operate
an efficient, organized, and profitable business. Learn
how to create an efficient and organized office in 7 EASY
steps, and receive free how-to articles at
http://www.OfficeOrganizationSuccess.com
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