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The Top 8 Mistakes Entrepreneurs Make with Bookkeeping

 

INTRODUCTION

In this article, we will discuss some of the most common bookkeeping mistakes made by Entrepreneurs owners that you absolutely need to avoid if you want to grow your business.

 

  1. Handle all bookkeeping work by yourself

Especially for an Entrepreneurs, it is very common for the owner to have a self-employed mindset. The owner will try to do it all by himself because of budget constraints. Although it does not seems like there is a lot of bookkeeping to be done at the beginning, you must develop a habit to record your book frequently to make your job easier in the future.

  1. Do not tally your book with your business bank account

It is very important to make sure that what is on the bank statement is the same as your books. As long as the numbers tallied, you can be assured that there is no bank payment or receipt that have been missed out by you.

  1. Forget to update your books. Sometimes

It is very easy to forget updating your book if you buy goods or services with cash or your company credit card. This will create trouble in the future as the numbers in your book will not tally with the numbers on the bank statement.

  1. Not using the right bookkeeping software

Bookkeeping software can help reduce your workload and make your recordings more accurate. You should invest in the right software for your industry and train your staff to use it.
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  1. Forget to backup your data

You should backup all the data in your computer in case of an emergency. It only takes you very little time, so there is no excuse for you not to do it. If you are using a computer system – it’s essential to back it up. It costs very little and takes very little time. There is no excuse not to!

  1. Not organising your information properly

You need to organize your information into the right category for easy reference. This will keep your recording simple and consistent for anyone who takes over your bookkeeping work.

  1. Not registering for taxable sales

If your company’s total sales reach a certain amount (depending on your country of residence), you need to file for registration. Failure to do so may result in fines.

 

  1. Do not have a separate business bank account

Even though you are a self-employed, it is a good practice to open a separate bank account solely for business transactions. This will make your bookkeeping job easier and makes everything much clearer. Yes, you need a separate bank account. Even if you just have one let property, I advise a separate bank account. It makes everything much clearer and simpler and avoids unnecessary work.

CONCLUSION

Also, should HM Revenue & Customs ask to see the business records, they would expect to see a business bank account. Having to provide statements for a ‘mixed’ private and business account would lead to requests to explain all the non-business bank receipts and probably more explanations on top. Therefore it is important to adhere to this bookkeeping tips.

see more: http://bookkeeperco.com.au/

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Bookkeeping Service: Search for the Leaders in the Industry

bookkeeper in Melbourne

In order to know the leaders of the bookkeepers in Melbourne, you need to know all the good qualities that these services should have. There are many different bookkeeping services available on the market, but not all of them have the good qualities that make them leaders in the industry. These are some of the qualities that any good bookkeeper should have, before you hire one:

Be good communicators

The first thing that you should look for when you’re searching for one of the best bookkeepers is the fact that they need to be good communicators.
You need to know that if you’re going to use a bookkeeper, which they will communicate with you when they see a problem. Having someone that isn’t going to be a good communicator is going to cause some serious trouble for you and your business.

Reliable

Another thing that you should look for is a bookkeeper that is going to be really reliable, 24/7. Doing the books of a business is letting someone in on the financial aspect of the business. And, you need to know that you can trust that person with something as important as the books of your business.

The best way to see this quality is to make sure that you are doing as much research as possible and reading online reviews. This will let you know if a bookkeeper is really reliable.

Can work with computers

The one thing that you really don’t want to do is to hire a bookkeeper in Melbourne that doesn’t really know how to work on computers.

This is because most of the bookkeeping works these days are getting done on computers. And, if they can’t use a computer correctly, they will be easily making mistakes. A mistakes that your company can’t really handle.

Be resourceful

bookkeeper in MelbourneA bookkeeper needs to be resourceful. This is the only way that you can be sure that your business is going to be in the best possible hands. You want to use a bookkeeper that knows how to be practical and creative to ensure that the work is getting done.Continue reading on http://www.theledger.com/article/LK/20160526/News/608085198/LL/

You don’t want to hire a bookkeeper that needs to be guided every step of the way. Because then you can do it yourself and you don’t want to pay someone money, if you are basically doing everything yourself. This is one of the most important qualities that one of the best bookkeepers should have, in order to know that your business is in good hands.

It is important to be able to hire a leader in the industry, when it comes to a bookkeeper. But, because there are so many different bookkeepers, you want to know that you’re going to hire one that you can trust and that is putting your business first. Someone that knows what bookkeeping is all about. To be able to find one of these bookkeepers in Melbourne is to know the important qualities that a bookkeeper should have.

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