#Bookkeeping Hacks for Start-ups & SME’s

It is probably fair to say that most entrepreneurs are not, by nature wild about admin or meticulous record keepers.Many see backroom tasks as dull,repetitive and a waste of valuable time.

Although not viewed as being fun or glamorous,skills like bookkeeping are vital if you want to keep things afloat and avoid getting into trouble with the taxman.

When you’re starting out,you may not be able to afford an accountant.So it’s important to master a few bookkeeping basics.

Below are a few hacks to help you get started:

RECORD all your business transactions in one place on a regular basis–an Excel spreadsheet is fine to start with. Make a habit of doing things ‘little and often’ – it’s a lot easier than leaving everything to the last minute, creating unneeded stress at financial year end

KEEPS TABS on your expenses.They all add up and help when it comes to tax deductions.Taking photos of them, and storing them in a folder on your computer is an easy way to keep track

CHECK your Bank Statements regularly.Then reconcile these with purchases&sales so that you keep #CashFlow steady and avoid unnecessary bank charges

RECONCILE Petty Cash.If you don’t do it regularly, you’ll lose track of small amounts

How do you feel about bookkeeping?