Good bookkeeping is essential when it comes to running a successful business. This month, Amy Bell is sharing her tips in this two-part Guide To Bookkeeping. Amy has worked as an accountant for over 10 years and runs her own accountancy and bookkeeping company, A Bell Accountancy.

Keep it simple

Bookkeeping doesn’t have to be complicated. You can track your records manually, using a simple Excel spreadsheet or cashbook. Alternatively you can invest in a computerised accounts package such as Sage. The first step is to decide which system will work best for you and your business.

Stay organised

The most important aspect of bookkeeping is being organised. Keep invoices and receipts in a safe place so you can easily access the information. Doing this is half the battle when it comes to filling in tax returns!

What to record In simple terms, you need to record all your sales and all your purchases. In practise, it is beneficial to keep a note of money owed to you, money you owe, how much is in the bank, how purchases and sales are paid, and a note of any VAT.

Logging invoices Keep your sales invoices in invoice number order or, if you are a cash-based business, the till receipts in date order. Allocate a number to purchase invoices as they come in. Use these references within your bookkeeping system so you can always locate an invoice when it is required.

Track back

Always remember to match your recorded data to your bank statements. This includes recording everything that goes through your bank i.e. bank charges or money you have paid in personally.

Don’t miss part two of A Guide To Bookkeeping, which will be posted to this blog on 22^nd April 2013! Realising your business dreams – from seed to success.

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