Organizing Your Records

By Kay McKenzie

Efficient and effective bookkeeping requires keeping accurate and timely records. Assess your work habits and your business’s workflow, and implement some organizational best practices.  Below are a few tips to get you started.

• Many business owners/managers find it useful to create an electronic folder in order to scan their receipts and enter them at a later date.
• Designate an area for employees to place receipts and invoices.
• Have a system in place to enter these receipts into your bookkeeping software a certain day of the week or every two weeks, depending on how busy you stay with your business.

Being organized by having as much information entered in the correct place in your bookkeeping software will give you an up-to-date picture of your profits and losses.  It will also assist in lowering your tax preparation fees when given to an accountant to use as basis for filing your tax return.