Good Bookkeeping Habits Help Run A Successful Business

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Information about Good Bookkeeping Habits Help Run A Successful Business
Business & Mgmt

Published on July 12, 2009

Author: ALaccounting

Source: slideshare.net

Description

Bookkeeping Systems series: Good Bookkeeping Habits Help Run A Successful Business. Paper 02.90

BOOKKEEPING SYSTEMS Good Bookkeeping Habits Help Run A Successful Business

1. Key To Business Success Good financial records are a key to business success Keeping accurate records helps: make better decisions to raise funds to sell the business www.lewistaxation.com.au

2. Up To Date Business Records Helps Tell the business person: how the business is performing current position what the future is likely to bring information about immediate and long term operations changes in turnover www.lewistaxation.com.au

The types of records that should be kept include: Sales Records Deposit Books Debtors Records Order Books Creditors Records Cash Payments Book Cash Receipts Book Bank Reconciliation Statements Cheque Butts www.lewistaxation.com.au 3. Types Of Records To Be Kept

Payment Records (Invoices/Statements) Production Records Stock and Work in Progress Records Payroll and other Employment Records Petty Cash Records Government Authorities including Tax Office, Payroll Tax, Work Care Insurance Records Fixed Asset Register www.lewistaxation.com.au 3. Types Of Records To Be Kept cont'd....

4. Maintain On A Daily Basis Update records on a daily basis www.lewistaxation.com.au

5. Consult A Professional Accountant To ensure the system is effective and practical Will provide easy access to important information Professional Accountants have the expertise to implement and oversee accounting systems to meet the business's specific requirements www.lewistaxation.com.au

6. Need To Be Knowledgeable In Daily Bookkeeping Requirements Understand the bookkeeping requirements Your Professional Accountant should be in close contact to ensure finances are headed in the right direction www.lewistaxation.com.au

7. Better Position For Success By keeping accurate and up-to-date records, business operators put their businesses in a better position for success www.lewistaxation.com.au

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