For an SME business, it must be able to arrange bookkeeping. What’s more, if the business is still on a small scale that requires its owners to be smarter in managing their finances so it is not possible to hire the services of an accountant, then inevitably you have to learn self-taught. There is no need for complicated accounting knowledge to compile bookkeeping for SME businesses, most importantly, you know what things need to be considered. Meanwhile, if you need a reliable bookkeeping service for your company, we highly recommend you to hire Xero Services Parramatta.
Here are some important bookkeeping tips for launching your SME business:
Gathering All Proof of Transaction
It is important that you keep all evidence of transactions that have been made. Shopping receipts, purchase receipts, and other receipts should not be discarded. Gather together in one place so that when you need it for recording financial statements you don’t need to be confused anymore looking here and there. Write down everything along with the date. Oh yes, you should always ask for a receipt every time shopping anywhere. If not possible can record it on your mobile phone.
Keep a Transaction Journal
After you have classified all transactions and their dates, it is time for you to move those transactions in the transaction journal. Therefore, in order not to forget or miss, you should record any transactions that you have done in that month. Or if necessary, record every incoming and outgoing transaction every day. Of course, if you have time. At least once a week you take notes so you don’t forget.
Make a big book
After keeping a transaction journal, now is the time to move all transactions to the ledger. Although the contents are the same, in the ledger the transactions will be grouped into debt and receivables. In addition to accounts receivable and payable, there are also cash accounts in different tables. Because the title is a ledger, this book should contain all the accounts and business transactions so that nothing is left out.