Accurate Records: It’s All in the Details

Keeping accurate records is not difficult, but it can be time consuming.  In order to cut down on the time you spend on your bookkeeping and the money you spend on your bookkeeper and accountant, we have a few helpful tips to get you organized.

Detailed Deposit Slips - Every deposit should have a detailed list to explain each item in the deposit.  This should include the check number, who wrote the check, the date of the deposit, what the check was for and the amount of any cash included in the transaction.

Organize ALL Your Receipts - EVERY receipt for  your business should be on file.  It would be best to file them by vendor with the most recent receipts in the front of the file.  This way if you need to double check your categorized expenses (utilities, supplies, etc.), you will know exactly where your receipts are kept.

Utilize the Memo Fields - The more information the better in bookkeeping.  Whether you are writing a not on the memo line for a check or in QuickBooks, it is better to have too many details than not enough. Using the memo field (by the account coding) is particularly important when making   single purchases (versus monthly revolving charges) or when dealing with vendors you rarely use.  If your accountant needs to check your records, details in the memo line can minimize the time your accountant spends on researching your books and maximize the money you keep in your pocket.

These three easy steps are a great way to get your bookkeeping under control, while keeping your accountant happy.  Need help getting organized?  Don't know how to categorize your expenses?

Contact Quality Accounting Solutions to get started!

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