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Good Bookkeeping Practices to Follow

Best Practices for Accounting Office Procedures

Good Bookkeeping Practices to Follow

Bookkeeping is that essential part of finances, without which many times your reports and documents suffer as the recording of transaction and flow of money from and to the company is not maintained properly. Bookkeeping is the first step in keeping your finance in proper and straight line. It also helps in creating documents easily as all the required facts and figures are in front of you.

Despite the size and product of business, having a healthy bookkeeping practice ensures smooth functioning where money of the business is concerned. Some of the practices that can help to keep track of all your bookkeeping activities in line are as follows:

• Record receipts in numeric order:  Keeping your records in numeric, as and when they happened, ease the management of finance, and also save time as well as confusion. It helps to keep the track of audit with very less chance of gaps between transactions that could affect money disappearance. When the receipts are all numbered accordingly it becomes easier to keep track of payment. However, ensure that the receipts paid or voided are noted duly to avoid any confusion.

• Proper record dates for payments and payables:  Fulfilling the payments requirements in time is imperative to avoid any backlash or late fees. For the same purpose you should make a note of all the due dates of your payables that include regular bills, taxes, payroll requirements etc. This helps to manage the cash flow of your business.

• Maintain regular records: Keeping regular records of the activities revolving around your finances and account ensures smooth flow of financial activities as the first step, that is bookkeeping, is completed accurately. It further makes easier for your accountant to make documents without messing up the figures. 

• Maintain daily records:  This in similar to above points as it also focuses on maintaining records on daily basis. The only difference is that by noting records on daily basis or as and when they surface, you do not have to handle them at a later date when you might face a little confusion also.

• Proper records of transaction proofs:  Having proper proof of the activity taking place is not exactly required but is imperative so that rechecks and backlogs can be cleared without anyone making any fuss. Proofs like bills, deposit slips, invoices, receipts etc should be maintained in a folder and if possible, by their dates.

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