Top 5 Basics of Accounting


The top 5 tips weekly post is always full of hints and tips for small, home & micro business owners.

1. Your accountant should always be your first port of call if you have queries about your accounts. They will stop you from making costly mistakes and a good accountant is invaluable.

2. Implementing a good bookkeeping system is essential. Without good record-keeping, you will have no accurate method for keeping track of your income and expenditure.

3. Keep a very close eye on your cashflow situation. Unexpected dips can leave you without enough money to pay off your debts.

4. Bank reconciliation is essential to check that your monthly bank statements are accurate. You cannot rely on banks to avoid making errors or detect them when they occur.

5. Try to refer back to your original business plan to compare your actual income and expenditure to what you had predicted.

If you have additional tips, please share them in the comments section below.

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