3 Quick Tips To Banish Those Bookkeeping Blues!
(c) Tracey Lawton 2005

Are you one of those people who are guilty of just stuffing your receipts into
a folder and thinking 'I'll sort that out when I've got time'? Do you need a
more organized bookkeeping system, nothing too flash, just something that's
simple and easy to manage?

Follow my tips below and you'll soon have that simple and easy-to-manage
bookkeeping system that won't bring you out in a cold sweat whenever you hear
the words 'tax return'. And I promise you, it works!

#1  Gather your supplies!
Get hold of a large ring binder, divider cards, A4/letter-sized paper,
stapler, pen, all your business receipts and invoices, plastic folders and a
large coffee (or whatever else you prefer!).

Then lock yourself away for a couple of hours.

#2  Get organized
You now need to organise your ring binder into the following sections:

Invoices - Unpaid -- this section is for your outgoing business expenses that
have not yet been paid i.e. supplier invoices. Write on the top of each
invoice the date it needs to be paid by and place all unpaid invoices in 'date
to be paid' order with the earliest one on top.

Invoices - Paid -- this section is for your outgoing business expenses that
have been paid or you've paid at the time service was rendered, i.e. that ream
of paper that you bought from the office supplies store. Staple each receipt
on to a blank piece of paper rather than just putting them directly into the
ring binder. This just makes it easier to see at a glance all your receipts
and you can also make notes on the paper. Also write on the top of each
invoice/piece of paper the method of payment.

Receipts - Unpaid -- this section is for all your invoices that you have sent
to clients that have not yet been paid. Write on the top date payment is due
and put them in date order so that it's easier if you have to chase overdue
invoices.

Receipts - Paid -- this section is for all your invoices that have been paid.
Write on the top the date it was paid and how it was paid i.e. bank transfer,
check, credit card etc.

Bank Statements -- this section is self-explanatory! Just keep everything in
date order.

3#  Schedule It In
Now that you've got your system in place, schedule in each week/month to keep
your bookkeeping binder up-to-date. In between updating place all your
receipts and invoices in a plastic folder so that everything is together when
you come to update your system--it would be too time-consuming to add each
receipt as you get it!

What Next?
Depending on how far you want to handle your own accounts, you can either hand your very organized bookkeeping binder over to your accountant at the end of
the financial year for them to prepare your final accounts, or you can
maintain your own books with the use of financial accounting software.

Either way, you've now got a bookkeeping system that is simple and easy-to-
manage and won't cause you to break out into a cold sweat at the very mention
of the words 'tax return'.

Don't want to do it yourself? Let me help you! Contact me today to find out
more about my budgeting and bookkeeping services.
 

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About the author:  Online Business Manager & Virtual Assistant, Tracey Lawton, supports professional speakers, coaches, and authors to operate an efficient, organized, and profitable business.  Learn how to create an efficient and organized office in 7 EASY steps, and receive free how-to articles at http://www.OfficeOrganizationSuccess.com

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