Bookkeeping and Accounting Services in Cochrane Alberta
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Helpful Tips

Getting Organized

Here are a few useful tips to help you stay organized:

Set up a system that works for you and follow it. Sequential numbering on invoices, jobs, purchase orders etc. is essential otherwise you could use the same number twice, missing an invoice or order.

Always get receipts. You should always have some paperwork to provide your audit trail. Cash purchases are difficult to claim without receipts. Make notes on the receipts for entertainment expenses. Record clients name, date and purpose of the event.

Keep business expenses separate from personal expenses.

Do your bookkeeping on a regular basis. Any longer and it can become unmanageable. Bank reconciliation should be done monthly.

File receipts, invoices, payables by month. When paying a bill, record the date, amount and cheque number on the bill. When invoices are paid note on the invoice how it was paid and the date. Make detailed deposit slips and keep a copy.

Use a log book if your vehicle is used for both business and personal use. Tracking auto mileage is essential and keep all gas receipts.

 

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