What is good bookkeeping?
Good Recordkeeping – No matter where you store it, keep a record of everything. Keep bank statements, keep credit card slips and bills, keep invoices and keep payment receipts. Keep a check – At least twice a year, if not quarterly, have a spring clean of your records. Check payments and credits against your bank or credit card statements monthly. Make sure the right money is moving in and out of your account. We have all heard the stories of people losing thousands of dollars in “errors”. Doing monthly bookkeeping is the best way to handle this issue. Keep the books – Enter everything into computer accounting software and tally everything by numbering invoices, checks, payments, wires and receipts in. Tedious paperwork costs heavily in hours spent by the accountant. If you do not have the time or inclination to do this, you need a bookkeeper whose rates will be lower than that of your accountant. Keep it computerized – Nearly all accountants are happiest at year-end, when they receive
