Are you practicing these good accounting habits?
Accounting is an important function in a small business. It can be dreadful or hassle-free and it depends on how you handle it. If you are doing it as a last minute task, that is pure dreading. So to avoid that, here are a few tips for you to follow:
Make sure that your records are accurate.
If you are using Internet banking nowadays, it shouldn’t be too much an issue to track your day-to-day records, such as simple debits and credits to your account. However, separate records need to be kept for tracking how things were spent or earned and also things like reimbursements to employees.
Do not neglect the receipts!
Sort and file them on a daily basis. It may sound really tedious but this little effort you put in each day will save you from struggling in the future. A little advice here is to scan and back up all receipts, as some receipts tend to fade off over time.
mas is a group of professional accountants who are specially in working with small businesses in Sydney and Melbourne. We take pride in collaborating closely with our clients and look forward to work with you soon.