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Bookkeeping tips

 
 
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aaron
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PostPosted: Sun Feb 22, 2004 1:17 am    Post subject: Bookkeeping tips Reply with quote

Since accountant's bills are generally high, it makes sense to lessen the load on them. How about we share a few tips to help cut the bills?

I'll start with some ideas:

- keep a record of everything: bank statements, credit card slips and bills, invoices and payment receipts.

- do a regular spring clean of your records. Check payments and credits against your bank or credit card statements.

- where possible, keep a sum of money aside. If some expected payments don't come in on time, you won't get caught out.

Any more suggestions anyone?

Aaron
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SheSkis
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PostPosted: Sun Feb 22, 2004 5:39 pm    Post subject: Reply with quote

One of the most time consuming accountancy "events" is tax filing. A simple list of what is allowable as a tax deduction, and keeping it in it's own file (even if you need to make a copy of it), helps not only the accountant but also you in case of an audit.
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rex_b
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PostPosted: Sun Feb 22, 2004 6:52 pm    Post subject: Reply with quote

I really don't have a hard time spending the extra money on an accountant. That is their job and that is what they do. I give them everything I have and trust in what they do. B/c if you get stuck with some penalties from the IRS you will be glad you spent that extra penny on the accountants.
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jumeira123
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PostPosted: Tue Apr 19, 2011 5:35 am    Post subject: CPA Reply with quote

It is better to hire a professional accountant do the tax job for you instead of postponing till the last minute.
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buswannabe
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PostPosted: Sun Aug 28, 2011 9:40 pm    Post subject: Reply with quote

Accountants are a pretty essential asset to any business. Making sure that payroll taxes alone are paid correctly will help prevent businesses from getting behind. Once you get behind, it can be a nasty process to get caught up and keep your business alive. I think they are definitely worth the money!
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martynh
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PostPosted: Mon Aug 29, 2011 9:57 pm    Post subject: Reply with quote

accountants are great at the compliance work with HMRC and looking in the rear view mirror in producing historic accounts.
they're not so great at helping the business owner forecast forward with their cashflow & profit. Getting tyhem to do your monthly accounts is probably not the best use of your money
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Kay
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PostPosted: Tue Aug 30, 2011 7:46 pm    Post subject: Reply with quote

Book-keeping tips? Either buy a system such as KashFlow or design your own spreadsheets. Learn how to take it to the Trial Balance. Then, and only then, hand it over to your accountant.

Accountants are more expensive than book-keepers, so don't go and pay for a higher skill level than is actually required for the job.
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Azolla
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PostPosted: Tue Apr 24, 2012 5:16 pm    Post subject: Reply with quote

Your accountant is genarally the guy who does your year-end accounts and you rarely speak to or hear from (not always of course). Most people don't get their accountants to help and advise them during the business year.
If you have a good bookkeeper , however, who regularly comes in to keep all your financial records in order, does management reports for you, etc then (s)he is able to provide you with useful information that can help you during the year with your business decisions and planning/forecasting.
You can of course do the bookkeeping and business planning yourself but this takes time and it may not be your forte.

You may be better of spending your valuable time on growing and improving the business and spend the money on a regular bookkeeper who can add value to your business, save you time and effort and keep you more informed and better advised.

Bookkeepers do vary greatly of course so you need a good one.....
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