This week some of our team have shared their bookkeeping tips on socials in short daily videos. Our team live and breath bookkeeping daily and as a collective have a broad and diverse skill set.  There were so many tips we could of shared, our team chose these 5 to celebrate this special week for the bookkeeping industry.

For those that aren’t on socials we have summarized them below for you:

Tip 1: Maintain a clear separation between your business and personal finances by having a dedicated business bank account. This simplifies tracking transactions, saving time, and avoiding confusion or complications. Having this separate bank account is often required depending on your business’s structure.

Tip 2: Stay on top of your email inbox as timely flow of information and data is key. Use features available to assist with organising your inbox such as flagging, categories and sub folders for filing once an email is actioned.

Tip 3: Stay informed by subscribing to essential online updates like tailored Fairwork notifications for your specific industry payroll award to prevent the oversight of critical information that could have a detrimental impact on your business if missed. 

Tip 4: Embrace automation by using addons such as Dext and Hubdoc to streamline the tedious task of entering invoices into your accounting software. Make sure to check the GST entered on expenses is correct and agrees to your source document.  

Tip 5: Stop, take a deep breath and consider WHY you went into business in the first place.  Now with that in mind, is doing your books the best use of your time? Time is a limited resource. Be realistic about your bookkeeping skills and think strategically about where you need to focus your time to add the most value to your business, family and profit.

If you want to explore what outsourcing your bookkeeping looks like, contact us at Beam for a FREE no obligation discussion.