Whether you love or loath getting on top of your business bookkeeping, there are plenty of ways to keep the process pain free and efficient. Here are our top tips to keep your books shipshape with minimal effort.

Little and Often

It can be tricky to match up supplier and customer invoices to payments, particularly if one payment relates to several invoices. However, if you are only reviewing your bank transactions once a month or quarter (or worse still at the end of the year), matching up payments and receipts is going to be a daunting and time consuming task.

Tackling the books once a week will mean that most of your documents are close to hand and all of the transactions that you have made are still fresh in your mind. It will also help you deal with issues as soon as they arise, for example sending out customer statements once a week by email whether the invoices are due or overdue will help ensure you are paid on time.

Make the most of email

For many businesses, emailing sales invoices is the norm. If you are still sending out your invoices by snail mail, how many days do you think it is adding to timeframe in which you are paid? Of course, it is also important that you send your invoices to the correct person according to your customers Accounts Payable process.

In addition, it is vital that you include clear payment instructions and payment terms on all of your sales invoices and statements. You would be surprised how many small businesses still fail to do this and as a result don’t get paid!

Get the right software

There are several accounting software options available for small businesses, both in the cloud and desktop based, but they will not all be suitable for you and your business. It is worth investing your time in testing out each option to find the solution that works best for you.

Most software providers offer generous trial periods to allow you to get a feel for the software and the features that will help you streamline your bookkeeping process. Take the time to make sure you investigate the functionality to make sure you aren’t missing a trick that could save you time.

We are big fans of Xero and FreeAgent software and can give you the support and advice you need to find the best solution for you.