Simplest Ways to Keep your Accounts Organised!
You are required to keep your business accounts or pay any professional to do this in order to run your business effectively. It is a legal requirement to keep your accounts. But, keeping them well is essential for the growth of y
You are required to keep your business accounts or pay any professional to do this in order to run your business effectively. It is a legal requirement to keep your accounts. But, keeping them well is essential for the growth of your business. Therefore, this blog will let you know how to keep your accounts organised.
Even for the most skilled business owners, accounting and bookkeeping can be a daunting process. If your bookkeeping is not organised, it consumes a lot of time in order to prepare your business accounts. However, we will inform you about a number of strategies that you can adopt to be on top of your business financial records. So, let’s start!
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Bookkeeping servicesBook a free callWhat Should you Keep Track of in your Accounting Records?
Your accounting records should have the following:
- Supplier invoices
- Business credit card statements and receipts
- Mileage
- Bank statements
- Customer invoices
- Business expenses
The Three Primary Ways of Keeping Accounts
There are many ways of keeping them, but the main ones include the following.
- paper-based accounts
- spreadsheet accounts
- computerised accounting packages
Let’s explore their details.
1) Paper-based Accounts
In it, the accounts were recorded manually on paper. Most of the small companies still utilise the traditional ways of keeping accounts. Specially printed books were usually utlised to organise the accounts. However, recording your accounts on paper with handwritten entries can consume a lot of time and you are more likely to make mistakes.
2) Spreadsheets Accounts
Accounting spreadsheets can be used to keep accounts. They can perform calculations for you and update all of your data in the sequence of spreadsheets at the same time. However, in a spreadsheet accounts system, designing & maintaining can be a considerable task. In addition, the errors made in a spreadsheet may be unable to debug until the end of the year.
3) Computerised Accounting Packages
The right accounting software may be a better option for many business owners as it can:
-
- Reduce the rate of making errors in your calculations
- Assist you in gaining your business insights, difficult to see in paper accounts
- Saves you both time & money
After seeing the ways, let’s explore the tips to keep your accounts more organised.
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How to Keep Your Accounts Organised – Tips
The following are the ways to keep your accounts organised.
1) File all your Invoices in a Secure Place – Do ensure to record all your invoices in a secure place and sort them alphabetically or chronologically in order to find them quickly afterwards.
2) A Separate Business Banking Account – All your company transactions should be handled via a separate banking account. In this way, it will be more organised and time-saving.
3) Keep Records of your Cash & Backups of your Computer Records – Do keep and record all your credit card, cash, and bank transactions. Also, keep backups of your computer file in order to secure your critical data when something goes wrong with your system.
4) Cash Payment Receipts in One Place – Make sure to keep your cash payments receipts in one spot (such as a file or a box). In this way, your accounts will not be scattered in different places, and they’ll be in one place when it comes to handling your accounts.
5) Record your Income and Expenses – Keep track of all revenue and expenses. And also perform bookkeeping once a week or a month.
Wrapping Up
We hope with the ways and tips mentioned above you understand better how to keep your accounts organised. We recommend you choose the right accounting software for your company in order to manage your accounts efficiently or ask a professional to keep your accounts well with the best-suited accounting software.
Unable to choose the right accounting software to keep your accounts? Then, let us help you in selecting the most suitable accounting software for your business. We are qualified, friendly and reasonable, and keep up with all the latest improvements in your business to increase your finances like never before!
Disclaimer: This article intends to provide general information based on how to keep your accounts.
A simple filing system
| Folder | What goes in it |
|---|---|
| Sales | Copies of every invoice issued, credit notes and payment records |
| Purchases | Supplier invoices and receipts, with the payment date |
| Bank | Monthly statements for every account and card |
| Tax | VAT returns, payroll reports, tax returns and HMRC letters |
| Assets and loans | Purchase invoices for equipment and finance agreements |
| Company records | Minutes, dividend vouchers and filings if you have a company |
How long to keep records
Sole traders and landlords should keep records for at least five years after the 31 January deadline for the tax year, companies for at least six years, and VAT records for six years. Digital copies are fine and make everything easier to find. Back them up in the cloud and keep one organised place for all of it. Combine this with a monthly routine, described in our guide to accounting for small business.
A monthly accounts routine
- Upload or scan all receipts and invoices.
- Reconcile bank and card statements.
- Chase unpaid invoices and schedule supplier payments.
- Review the profit and loss report for anything unusual.
- Move tax money into your savings account.
- Back up your records.
Your year-end pack for your accountant
Give your accountant the bank statements for the year, sales and purchase records, payroll summaries, loan and asset details, director loan account balance and any HMRC letters. Having it ready shortens the work and keeps fees down. For the wider picture, read why accounting is important.
Which records matter most?
If you have limited time, start with the records HMRC and your accountant need first: bank statements, sales invoices, purchase invoices, and any loan or asset documents. Everything else can follow. Missing sales records are the most expensive gap, because they affect both income tax and VAT. If you receive cash, record it the same day, and pay it into the business account regularly.
Common record-keeping problems
- Receipts left in pockets, emails or the car glovebox.
- Personal and business spending in the same account.
- Invoices issued but not recorded as sales.
- No backup if a phone or laptop fails.
A simple habit, such as photographing every receipt on the day, solves most of them and makes year end far quicker.
Practical next step
Pick one day a month for accounts, use a checklist and keep digital copies of everything, so your records are always ready. If you would like a London accountant to look at your own position, you can book a free call, and we will explain your options and give you a fixed fee before you commit.
Frequently asked questions
How should I organise my business accounts?
Use accounting software with bank feeds, store digital copies of receipts and invoices, and keep a simple folder structure.
How long should I keep records?
At least five years for Self Assessment, six for companies and VAT.
Can I keep records digitally?
Yes, as long as they are complete, accessible and backed up.
Fixed fees, paid online. Call 020 3441 1258 or get your quote now.
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