1. EOB Pty Ltd
ABN: 94 132 733 683
PH: 07 5518 7770
PO Box 10825 Southport Q 4215
admin@eyesonbusiness.com.au
www.eyesonbusiness.com.au
10 Tips to Simplify Accounts & Bookkeeping
1. Notice the time you spend now, and always improve on the time spent to
deal with your accounts. If you are spending more than 5-10% working on
your books then that is too long.
2. If you are worth more than $65 per hour and can generate more dollar value
then stop doing bookkeeping. Employ a professional who can monitor and
produce the results. Tap into them to access and use as a tool within your
business.
3. In today’s evolving IT world there are easy to use and simple accounting
packages for less than a $400 once off price. Your accountant will also love
you. QuickBooks or MYOB can handle your small to medium business needs.
4. Keep your accounts timely – only deal with an invoice once or twice, no
more.
5. Allocate a regular day to update data and pay invoices. Try not to touch the
cheque book each day.
6. Place as many of your regular suppliers onto a monthly account. This will
reduce the number of invoices to enter and therefore less data entry and
tracking involved.
7. Systemise your paper trail ready for yourself and your Accountant. Prepare
for end of year now as you file.
8. All information leads to something. Ensure you always get supporting
documentation, (e.g. Invoices), to clarify quickly and accurately.
9. Your accounts are a tool to measure how your business is going on a monthly
or even weekly basis. Use it correctly.
10. Utilize accredited trainers to assist with staff accuracy and correctness in
bookkeeping. All training modules are beneficial to accuracy.