How To Keep Your Bookkeeping Under Control

by | May 10, 2017

Being organised and having your bookkeeping under control is important for all aspects of your cash flow management. Whether or not you have a cloud-based accounting system, there is still always plenty of paperwork that needs maintaining. Therefore, it is imperative that you ensure that your online and offline systems are up to date.

As the end of financial year is fast approaching in Australia, it is time you got everything in order. Here are some of our top tips to make sure that happens and enable you to get your bookkeeping under control.

Organise your storage

Filing cabinets, or at the very least a set of three ring binders, will come in handy for most of your physical storage needs. While today’s offices are leaning towards a paperless theme, most companies find that there is still the need to have some paper stored, whether receipts, invoices, statements or reports. If you do scan things like petty cash receipts, then it is important that your online filing system is arranged for easy access, if necessary. You must keep all of your business information for five years to please the minimum Australian Tax Office requirements, after that time the records can be disposed of.

Set aside regular time

We understand the fact that not everyone likes to do bookkeeping. In fact, often it is left to the very last minute, and administrators and creative entrepreneurs can struggle to sort through the mess of paperwork. The best way (and often the only way) to keep up to date is to set aside time to do it on a regular basis. Whether daily or weekly, take a moment to go through your receipts and add them into the system. Then once entered, file them accordingly and reconcile them against your bank statement at the end of the month. There is nothing worse than trying to sort through twelve months of receipts in one go just to get your taxes in order.

Take good bookkeeping notes

Don’t just rely on your memory when it comes to remembering facts. Leave yourself plenty of notes in your online and offline systems. That way, when it does come time to enter in the information or update your files, everything is there. This goes for your corporate accounts, cheques, invoices and journal entries. Your notes will save you time and money. Trying to remember things after the fact and ensure 100% accuracy can be problematic . It is amazing how one small miscalculation can affect your books; therefore, the more notes you take, the better.

Avoid mixing personal and business accounts

Always try to keep your personal and business accounts separate. Have a different bank account and credit card at your disposal and avoid using one for the other. Differentiating your accounts is one of the most important things you can do for your business. Having to go through all of your accounts to find a few business transactions can be painstakingly dull. Maintain your professionalism from the get-go, and there won’t be issues further down the line.

Hire a professional bookkeeper

If you struggle to manage your accounts, then the best thing you can do is outsource it. The stress of falling behind can quickly overcome you and stop you from performing your best for your business. As soon as you arrange for a bookkeeper to provide you with some assistance, you will feel a sudden weight lifted off your shoulders. Outsourcing the task will give you back your time to concentrate on the important tasks, leaving the challenge of bookkeeping to the professionals.

Upgrade your accounts software

Using sub-standard bookkeeping software to manage your books can make the problem more difficult. Not only can it be time-consuming, but it can also be an ineffective way to link all of your accounts. Upgrading to a system such as Xero will give you more control over your books. And moving forward, it will give you the confidence to update it on a regular basis. With safe and secure data storage and the flexibility and mobility of Xero, we wouldn’t recommend anything else.

Want to find out more?

T: 02 9699 2880
E: admin@accountsstudio.com.au

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Surry Hills NSW 2010

What our clients are saying...

Sophie is an incredibly savvy business owner, for whom I have great respect. She has always been very clear and detailed in her instructions, is always very focused on her business objectives, and displays a business model that you can aspire to as a small business owner. I have no hesitation is recommending her work at The Accounts Studio.

Kristy Smith
Director, Virtual Elves Outsourcing Solutions

2017-10-13T09:30:59+00:00

Kristy Smith
Director, Virtual Elves Outsourcing Solutions

Sophie is an incredibly savvy business owner, for whom I have great respect. She has always been very clear and detailed in her instructions, is always very focused on her business objectives, and displays a business model that you can aspire to as a small business owner. I have no hesitation is recommending her work at The Accounts Studio.
I have had many a chat with Sophie on the networking circuit. Sophie has a strong profile and reputation within business circles and I wouldn’t hesitate to recommend her to any soho needing direction, support and encouragement. I have a passion for educating small business myself and wholeheartedly support Sophie in her endeavour to actively reduce costs for those who may be unintentionally making uninformed decisions relating to business management. Many business owners are unnecessarily outsourcing tasks which are misdirected or can be achieved inhouse.

Gai Hook
Virtual Sales Strategy

2017-10-13T09:32:05+00:00

Gai Hook
Virtual Sales Strategy

I have had many a chat with Sophie on the networking circuit. Sophie has a strong profile and reputation within business circles and I wouldn’t hesitate to recommend her to any soho needing direction, support and encouragement. I have a passion for educating small business myself and wholeheartedly support Sophie in her endeavour to actively reduce costs for those who may be unintentionally making uninformed decisions relating to business management. Many business owners are unnecessarily outsourcing tasks which are misdirected or can be achieved inhouse.
I’ve worked with Sophie as a contributor to Confessions of a Mumpreneur – a fantastic book that she dreamt up, edited and produced. Apart from producing fabulous books that help so many others realise their entrepreneurial dreams, Sophie is an astute business person who is making her mark on her own terms. Watch this space – I’m sure we’ll see and hear a lot more from Sophie Andrews in the years to come.

Jennifer Dalitz
Gender Diversity expert, Career Coach, Award winning blogger on women, work & leadership @ www.TheSheEOBlog.com

2017-10-13T09:50:01+00:00

Jennifer Dalitz
Gender Diversity expert, Career Coach, Award winning blogger on women, work & leadership @ www.TheSheEOBlog.com

I’ve worked with Sophie as a contributor to Confessions of a Mumpreneur – a fantastic book that she dreamt up, edited and produced. Apart from producing fabulous books that help so many others realise their entrepreneurial dreams, Sophie is an astute business person who is making her mark on her own terms. Watch this space – I’m sure we’ll see and hear a lot more from Sophie Andrews in the years to come.
I got to know Sophie through my previous employer where Sophie still handles the bookkeeping side of things. While we worked together I have found Sophie very accurate, punctual and very pleasant to work with. And recommend her highly.

Dianna Holwerda
Client Service Manager, John Sergeant Associates Pty Ltd

2017-10-13T09:55:05+00:00

Dianna Holwerda
Client Service Manager, John Sergeant Associates Pty Ltd

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I was recommended to The Accounts Studio at a networking event and have been working with them for the last 2 years. The team have all been very approachable and available – two things essential when it comes to understanding your accounts! I now no longer have the stress every three months of getting my BAS correct and even better I have a clear understanding of where my company is financially! Thanks Sophie and TAS team!

Eleni Mitakos
Galmatic Pty Ltd

2017-10-13T04:16:02+00:00

Eleni Mitakos
Galmatic Pty Ltd

I was recommended to The Accounts Studio at a networking event and have been working with them for the last 2 years. The team have all been very approachable and available – two things essential when it comes to understanding your accounts! I now no longer have the stress every three months of getting my BAS correct and even better I have a clear understanding of where my company is financially! Thanks Sophie and TAS team!
I have really enjoyed working with you guys and look forward to a successful 2013. From the moment we started with TAS I have seen value. The figures are accurate, you are accessible (and approachable!) and most of all – you are cool people!

Chris Du Plessis
Managing Director, Origin Meat Pty Ltd

2017-10-13T04:20:03+00:00

Chris Du Plessis
Managing Director, Origin Meat Pty Ltd

I have really enjoyed working with you guys and look forward to a successful 2013. From the moment we started with TAS I have seen value. The figures are accurate, you are accessible (and approachable!) and most of all – you are cool people!
"Sophie is so professional – careful, attentive and punctual – she has made managing my accounts not just easier, but a whole lot less stressful"

Fast Ed
TV Chef from Better Homes & Gardens

2017-10-13T04:23:15+00:00

Fast Ed
TV Chef from Better Homes & Gardens

"Sophie is so professional – careful, attentive and punctual – she has made managing my accounts not just easier, but a whole lot less stressful"
Sophie has been a tremendous support and guiding light for my business. I have continually succeeded when acting on her advice and by using her services. Her products are fantastic and her ideas and accuracy is out of this world. I would never hesitate to recommend Sophie’s services and I would invite anyone to contact me for a referral.

Belinda Grundy
GM, Property Styling Online and BG Property Styling

2017-10-13T09:21:50+00:00

Belinda Grundy
GM, Property Styling Online and BG Property Styling

Sophie has been a tremendous support and guiding light for my business. I have continually succeeded when acting on her advice and by using her services. Her products are fantastic and her ideas and accuracy is out of this world. I would never hesitate to recommend Sophie’s services and I would invite anyone to contact me for a referral.
Sophie has the spirit of the Entrepreneurial Business Owner! Whether she is running a successful single family website, creating a product for small business owners or running her own bookkeeping agency she is always right on track as to what small business needs. If you want to speak to someone who not only knows what business owners are going through-she also does something about it- then don’t miss out, connect with Sophie! She is someone who can not only think outside the square- she has true strategic thinking; which is often spoken about but is rarely truly placed into action.

Sue Heins
Councillor at Warringah Council

2017-10-13T09:25:16+00:00

Sue Heins
Councillor at Warringah Council

Sophie has the spirit of the Entrepreneurial Business Owner! Whether she is running a successful single family website, creating a product for small business owners or running her own bookkeeping agency she is always right on track as to what small business needs. If you want to speak to someone who not only knows what business owners are going through-she also does something about it- then don’t miss out, connect with Sophie! She is someone who can not only think outside the square- she has true strategic thinking; which is often spoken about but is rarely truly placed into action.
Sophie is an amazing business woman. She is able to take the complexities of business and break them into manageable pieces for small and home based business owners to work with. She’s clever, creative, supportive and very generous. She’s the reason that so many small businesses are doing so well. If yours is a small or home based business then Sophie is someone you need to know.

Anne Maybus
Writer and Content Creator, Clever Streak

2017-10-13T09:26:35+00:00

Anne Maybus
Writer and Content Creator, Clever Streak

Sophie is an amazing business woman. She is able to take the complexities of business and break them into manageable pieces for small and home based business owners to work with. She’s clever, creative, supportive and very generous. She’s the reason that so many small businesses are doing so well. If yours is a small or home based business then Sophie is someone you need to know.