best tax accountants in wellington new zealand for businesses

www.bwmillerdean.co.nz

Top 10 Bookkeeping Tips that you need to know

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Keeping your books in order is a key to run a successful business. With a clear cut process and some simple bookkeeping tips you can

have a better grip on your financial situation.



Also, you can take the help of personnel who can offer you best services in terms of bookkeeping and accounting. The business accountants in Wellington can provide you services which are reliable, trustworthy and cost effective.



Now have a look at the Top 10 Bookkeeping

Tips:



1. Keep your personal and business finances separate

You need to maintain a boundary between your personal, business spending and finances. It is very important. Mixing the two can be messy and complicated. If you do not have separate bank accounts then make it separate as soon as possible.



2. Find A Good Advisor

Good advisors can teach you regarding how to handle your books properly, answer any questions and fix any mistakes that might have been made.



3. Keep hold of everything

You should keep hold of everything. Employees must attach copies of their receipts to their expenses claims. You must keep all the records for at least six years because you never know when you may have to produce them in front of the legal authorities.



4. Plan for Major Expenses

Set aside money for major expenses such as repairs and maintenance, inventory, and office supplies. Also, in the future you can save a large amount of money.



5. Keep up to date and top of things

Keeping your books up to date takes time. Set up a routine, put some time in the diary every week to update your records regularly. It will keep things organised. Raise sales invoices as soon as possible and ideally as soon as the goods or services have been dispatched.



6. Keep Daily Records and Reconcile bank accounts monthly

Double check your daily records & bank accounts at least once a month. Reconcile your withdrawals and deposits in your account so that discrepancies can be spotted more easily.Reconcile your bank accounts on a monthly basis or more frequently.



7. Avoid Cash

By using a credit or debit card, you can keep a track record of amount spent. You can also come to know when it was spent and where it was spent. You can track your expenses much easily.



8. Check Up Monthly On Your Accounts Receivable

Make sure you can stay on top of your accounts receivable so that you can get all the monthly payments which are still unsettled. If you regularly operate your accounts receivable report, then it will help you to stay on top of past due payments that you are owed. www.bwmillerdean.co.nz


9. Set up a specific time each week to go over your books

Give yourself at least a half an hour ever week to go over your finances and make sure that everything is in order. In this way, you can get a broad overview of your business every week and everything will be organized, when tax time rolls around.



10. Keep an Eye on Your Invoices

Late and unpaid bills may affect your business credit and can affect your tax payments as well. Always pay on time & keep your bills organized. Keep a record of your payment receipts.



Conclusion

1. Learn the basics It is a great idea to have an expert who can

handle your bookkeeping, yet a little knowledge can make a difference to you.

2. Forward planning Bear in mind potential future expenditure

like VAT and other tax payments. We advise business owners to try and save funds perhaps in a separate bank account.



3. Cash and cheque payments If you receive cash and cheques from your

clients and customers, keep a record of that payment. It can reduce the chances of payments getting lost or stolen.

4. Credit control Keep an eye on your debtors and handle

them effectively. By taking advantage of your “loan”, slow and late paying customers can harm your business.

5. Filing and invoicing Keep sales and purchase invoices

separately. Sales invoices must be raised and filed in sequential order. Also, there are many ways in which you can file your purchases.



6. Petty cash receipts are important Do not be casual; always keep an

accurate record of your petty cash fund. You must reconcile your petty cash account regularly.

7. Hire a professional bookkeeper Keep in mind that there are experts who

have the appropriate skills and expertise. They always ensure that this important aspect of your business is maintained correctly.

8. Go Paperless by using Cloud-Based Accounting

With the help of cloud-based accounting systems you can access your business information from anywhere.



Contact Us

Address: BW Miller Dean LtdLevel 5, 203-209 Willis Street, Wellington

6142, New Zealand | PO Box 11-253 Wellington 6142

Phone: +64 (0)4 910 3340



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best tax accountants in wellington new zealand for businesses

Small Business & Entrepreneurship