PerthBookkeepers.Com.Au

Happy New Financial Year – In Australia, the financial year starts on 1 July and ends 30 June

Have you made any New Year’s Resolutions?
We always encourage our clients from Stirling to Warwick, Gwelup to Balga, Inner Northern Suburbs, Perth, Western Australia, to get a better handle on their paperwork – it save us time, and thus save our clients money in bookkeeping fees.

A very simple bookeeping habit to get into is simply this: everytime you pay an account, be it an invoice, or even making a cash purchase, you can do a little bit towards your bookkeeping.

Write the date you paid the invoice, the amount you have paid, and the source of funds used for the payment.

Straightaway you are asking:”Why do I have to write the amount that I have paid on the invoice, when there’s already an amount printed on the invoice? Well, we do not know whether you are paying the whole amount as stated on the invoice, or whether you are making a part payment.

Why write the date of payment, when the invoice clearly states the invoice due date – Again, how does your bookkeeper know when you actually paid the invoice, without spending a few minutes chasing up the payment

Why write the payment method? You may have paid by cash, or by cheque, or by credit card, or Internet Bank Transfer

So which bank account, credit card account or other source of funds did you pay the invoice from?

A simple extra minute spent adding this information on your bookwork could dramatically reduce your bookkeeping fees each year

There’ many other New Year’s Resolutions that you could be making for a successful twelve months in your business