Although I have been an administrator for many years I am relatively new to accounts and bookkeeping. Although several of my previous posts have included some financial accountability, ultimately someone else had the responsibility of keeping me on the straight and narrow.
When I joined K & L Plastering some 18 months ago, I decided to invest in a book called
Small Business Accounting: The jargon-free guide to accounts, budgets and forecasts (Teach Yourself). to brush up on my knowledge. Please don’t bother to make a note of the title or click on the link because, not only will you bore yourself to death, you will lose several hours of your life when you could be doing something more useful.
Thankfully, K & L Plastering had decided to invest in the use of xero which is an online software system. You can have access to your finances at anytime and anywhere using your phone, tablet or computer. Take a photo of your receipts add a few bits of information and upload it directly to xero; similarly purchase invoices received can be uploaded very quickly and sales invoices raised within moments. Then, without, keeping any manual records, you are able to create reports instantly from the VAT return to how much expenditure/income has gone through your accounts in any period you choose to select!
It’s an absolute no-brainer really – what would you prefer to do with your valuable time? Waste it on keeping time-consuming paper records where human error can creep in or use an online system which keeps track of your accounts and where you don’t have to keep mountains of paperwork available. Double-entry? – No entry! If you choose the former then I’m afraid we can’t be friends 😉