Good Bookkeeping Habits Help Run A Successful Business

BOOKKEEPING SYSTEMS
Good Bookkeeping Habits Help Run A Successful Business

1. Key To Business Success
Good financial records are a key to business success
Keeping accurate records helps:
make better decisions
to raise funds
to sell the business
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2. Up To Date Business Records Helps
Tell the business person:
how the business is performing
current position
what the future is likely to bring
information about immediate and long term operations
changes in turnover

The types of records that should be kept include:
Sales Records
Deposit Books
Debtors Records
Order Books
Creditors Records
Cash Payments Book
Cash Receipts Book
Bank Reconciliation Statements
Cheque Butts
3. Types Of Records To Be Kept

Payment Records (Invoices/Statements)
Production Records
Stock and Work in Progress Records
Payroll and other Employment Records
Petty Cash Records
Government Authorities including Tax Office, Payroll Tax, Work Care
Insurance Records
Fixed Asset Register
3. Types Of Records To Be Kept cont'd....

4. Maintain On A Daily Basis
Update records on a daily basis

5. Consult A Professional Accountant
To ensure the system is effective and practical
Will provide easy access to important information
Professional Accountants have the expertise to implement and oversee accounting systems to meet the business's specific requirements

6. Need To Be Knowledgeable In Daily Bookkeeping Requirements
Understand the bookkeeping requirements
Your Professional Accountant should be in close contact to ensure finances are headed in the right direction

7. Better Position For Success
By keeping accurate and up-to-date records, business operators put their businesses in a better position for success