# 1 Keep an audit trail
An audit trail is nothing more than a record of all your invoices and checks in
numeric order. The thing to remember is never skip numbers. Record voided check
and invoice numbers in numeric order with all other checks and invoices, only
denote each one that is "voided." This assures there will be no gaps
in your
numerical sequence and leaves a proper audit trail.
# 2 Due Date Reminders
It's a good idea to follow a payroll tax due date reminder. Whether you have a
payroll service preparing your payroll tax returns or you're preparing them
yourself, you should follow a check-off list of all the required payroll tax
reports. A good due date reminder would be customized to your business' specific
payroll liabilities and include the follow information:
Due date
Type of tax
Report number
Government agency
Time period covered
Submit money, a report or both
# 3 Be Consistent
Consistency is essential to successful business bookkeeping. If you use a paper
bookkeeping system, always be sure to head your columns the same way each month
throughout the year. This small matter of consistency will save you and your
accountant time and aggravation.
# 4 Keep Good Records
Many business owners don't keep good records. Some don't understand
bookkeeping;
others understand it, but may be afraid of what the numbers might tell them.
Think of it this way--bookkeeping is the glue that keeps your business
together.
If your records aren't in good shape, the business could fall apart. A healthy
business is monitored through its records on a regular basis so you can find
problems and correct them before it's too late.
# 5 Deposit Ticket Books
How do you handle your bank deposits? One easy way is to record your daily
deposit in a deposit ticket book. Generally, these books come with a white
(original) copy and yellow (duplicate) copy in books of 50. For a small
business, an order of 200 duplicate deposit tickets could last 2 years unless
you make deposits everyday. As you write each deposit ticket, it is a good idea
to remove the white copy to give to the bank and leave the duplicate (yellow)
An audit trail is nothing more than a record of all your invoices and checks in
numeric order. The thing to remember is never skip numbers. Record voided check
and invoice numbers in numeric order with all other checks and invoices, only
denote each one that is "voided." This assures there will be no gaps
in your
numerical sequence and leaves a proper audit trail.
# 2 Due Date Reminders
It's a good idea to follow a payroll tax due date reminder. Whether you have a
payroll service preparing your payroll tax returns or you're preparing them
yourself, you should follow a check-off list of all the required payroll tax
reports. A good due date reminder would be customized to your business' specific
payroll liabilities and include the follow information:
Due date
Type of tax
Report number
Government agency
Time period covered
Submit money, a report or both
# 3 Be Consistent
Consistency is essential to successful business bookkeeping. If you use a paper
bookkeeping system, always be sure to head your columns the same way each month
throughout the year. This small matter of consistency will save you and your
accountant time and aggravation.
# 4 Keep Good Records
Many business owners don't keep good records. Some don't understand
bookkeeping;
others understand it, but may be afraid of what the numbers might tell them.
Think of it this way--bookkeeping is the glue that keeps your business
together.
If your records aren't in good shape, the business could fall apart. A healthy
business is monitored through its records on a regular basis so you can find
problems and correct them before it's too late.
# 5 Deposit Ticket Books
How do you handle your bank deposits? One easy way is to record your daily
deposit in a deposit ticket book. Generally, these books come with a white
(original) copy and yellow (duplicate) copy in books of 50. For a small
business, an order of 200 duplicate deposit tickets could last 2 years unless
you make deposits everyday. As you write each deposit ticket, it is a good idea
to remove the white copy to give to the bank and leave the duplicate (yellow)
in the book. That way nothing gets lost
For more information on Bookkeeping Please visit us at the following places or connect with us and our Friends.
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