| Outsourcing different aspects of a company will | | | | price and though these software would make your life |
| definitely save a firm a lot of money however, it is | | | | at ease, consider using those basic accounting |
| best that business owner still have control on the | | | | software available in the open source. Weigh the |
| books of accounts. Bookkeeping entails a lot of | | | | advantages and disadvantages of these software |
| tedious steps but this should not hinder the owner to at | | | | and choose wisely which one you would really need. |
| least know the basics to still keep the upper right hand | | | | 4. Make a bank reconciliation from time to time. Often |
| on major decision making. Always keep in mind that | | | | times this task is ignored hence; later on business |
| numbers dictates on where to propel the ship so take | | | | owners are shocked to see that there is a big |
| down notes of this important tips: | | | | discrepancy on the balance between the bank and the |
| 1. Have your own file of receipts according to | | | | cash on hand. Doing this periodically will also avoid |
| categories. This will save you the hassle of locating | | | | fraud on the part of the accountant or the bookkeeper |
| pertinent transactions. Bookkeeping will be fast and | | | | himself. |
| easy when items are in order. An organized receipts | | | | 5. Always check the amount in your petty cash. This |
| will also give you the luxury of comparing different | | | | may seem small amounts but this is the most prone |
| suppliers or contractors. Whether you will be using the | | | | from stealing on the part of the cashier so always |
| manual procedure or computerized system, it is best | | | | make sure that the actual amount in the cash register |
| that every transaction recorded is backed-up by | | | | is tally with your book record. |
| necessary documents. | | | | 6. Make a strict check on your assets, inventories and |
| 2. Gauge how small or big your company is. This will | | | | other stocks. Although business owners are busy with |
| give you a better idea if hiring/outsourcing | | | | other things aside from the normal cycle of the |
| bookkeepers would be beneficial in the long run or it is | | | | business, always make sure to a lot time to check |
| better that you do your own bookkeeping after all the | | | | current status and count of your stocks. This will allow |
| salary may be material to your business. Hence; it is | | | | other personnel aside from your bookkeeper that |
| best to know the rope of basic bookkeeping because | | | | stealing will definitely get caught immediately because |
| it may seem hard and monotonous but it will pay in the | | | | you perfectly know what you have in store. |
| future. You may opt to just hire a tax accountant to | | | | 7. Equip yourself some basic bookkeeping courses. |
| do the filing of your tax comes the taxing season; this | | | | This is probably the best advice I could give anyone. It |
| is your best bet especially if you are just a starting or | | | | doesn't necessarily mean that you have to enroll in a |
| small business. | | | | physical university but there are various good online |
| 3. Get the best basic bookkeeping software.Most of | | | | school that offers some basic bookkeeping courses |
| accounting software are available at a pretty good | | | | that allows flexibility of time. |