Are you stacked with accounting duties at the end of every week? Is it because your business is picking-up momentum or is it because of some inefficient routines? Whatever the reason is, the bottom line is, at the end of every week you’re always burnt-out. Before you google “accounting services Singapore” to seek help from someone else, why don’t you try out first forming the following habits?
Build a paper/ (eg, digital trail)
Whenever you’re purchasing materials or paying your business utilities, always take a snap shot of your receipt. If you’re using a cloud accounting software like Xero accounting, all you have to do is store it in a cloud storage, else, just keep it in your phone memory. Storing supporting documents of transactions will help you a lot when reconciling.
At the end of every week, reconcile your receipts with the movements in your bank accounts. If you have an accounting software with the capability to import your bank transactions, then your reconciliation will be a lot easier. Using snap shots as trail for your business is more reliable than memory alone, isn’t it?
Just because you’re not the one handling the bookkeeping services duties doesn’t mean you’ll not involve yourself in the process. It’s your business so know it as much as you can. Take time to reconcile the recorded items with the actual source documents. In this way, you’ll be more familiarized with the transactions. Should a discrepancy or mismatch arise at the end of the week, you are more likely to pinpoint the problems.
Don’t let things pile up. If you can finish something within a day, then do it. Sometimes the reason we cannot spot a small mistake is because a lot of our transactions are still unorganized and unrecorded.
Check your work
How can you achieve perfection? By repetition. Though you can’t have a perfect set of books, you can still have something close to it by checking and rechecking on your accountant‘s work. Even a dollar of mistake will make your books unbalanced. If you think you need a comprehensive checking, you may hire accounting services Singapore firm which offer auditing services. Audits can reveal inefficient processes you didn’t know your business has.
Each of these habits won’t really take much of your time. Nevertheless, you’ll be surprised how much stress you will avoid by following these!