Five Organizational Tips to Make Bookkeeping Easier

Five Organizational Tips to Make Bookkeeping Easier

The popularity of computerized bookkeeping services such as QuickBooks, as well as the ability for companies to outsource their bookkeeping to professionals such as Malkasian Accountancy, has made bookkeeping much easier than it was a generation ago. Bookkeeping is not nearly as labor-intensive as it used to be.

But don’t be fooled and or lulled into a false sense of security-even with computerized services and professionals handling your bookkeeping, you still need to follow bookkeeping best practices and be meticulous with record keeping or else you’ll have plenty of problems. Here are some bookkeeping tips to keep in mind all year long:

1.) Make sure your record keeping is consistent and up to date All the computers and professional bookkeepers in the world won’t do you any good if you don’t keep track of everything you spend and everything you take in. If you invest a little time each day, the bookkeeper will have no problem balancing your books.

2.) Keep track of your bank account statements Of all the bookkeeping organizational tasks, this is one that often slips through the cracks. Reading the bank account statements and reviewing canceled checks as soon as they arrive will ensure you find any unapproved expenses before they make too much of a dent in the bottom line. In addition, make sure your bank provides a statement that ends on the last day of a month. This makes bookkeeping much easier because there are fewer outstanding checks.

3.) When it comes to checks, don’t skip numbers Nothing will ruin the efficiency of your bookkeeping system like spending hours or days hunting for a check that you ripped up months earlier. If you have to rip up a check, make sure to immediately note it in your ledger.

4.) Keep each year’s financial records in a separate box You don’t want to waste time looking for statements or checks. Have everything for the year in one place-and then, once the year is over, stash the box someplace safe yet accessible. Bookkeeping needs to be maintained from year to year and you never know when you’ll need to reference a past year.

5.) Know all your due dates for payroll taxes This might seem like the most obvious of the organizational bookkeeping tips, but keep all the information about your payroll taxes in one convenient place. Among the data you should have handy: The due date, the period of time covered and the type of tax you are paying.

These bookkeeping tips are easy to remember and will save you plenty of time and anguish. Follow them and your bookkeeping will be far easier, whether you do it yourself or entrust it to a professional bookkeeper.

For more bookkeeping tips, or to inquire about hiring one of our bookkeepers for your business, contact Malkasian Accountancy today. We are Sacramento’s best independent accounting and bookkeeping firm and we pride ourselves on delivering excellent service to Northern California businesses of all sizes.