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MARCH 17, 2015

Bookkeeping Tip #11: Printed Invoices

If your business uses a large number of invoices each month, you may want to have invoices preprinted. It will look more professional and you will probably get paid more quickly. If you decide to print invoices with a perforated edge so customers can tear off one portion and return it with their payment, be sure to print your name and "remit to" with your address on both sides of the perforation.

Bookkeeping Tip #12: Don’t be too “Paperless”

Even though everyone wants to believe going paperless is the best in all circumstances, that’s not necessarily true for your small business. Print and file all your invoices and keep copies of your paid bills. Print your monthly bank activity, a list of your deposits, checks, your bank reconciliation, and financial reports. You’ll want hard-copies of these documents for backup and easy reference.

Bookkeeping Tip #13: Keep Up with Your Filing

Start new file folders at the beginning of each year for your paid invoices and paid bills. It's not necessary to have a folder for each customer or vendor unless you do a large volume of business with that business. You could get by with a folder for all customers from A - C, D - F, and so on. When you need that one key piece of paper, you'll save yourself a lot of time and headache if you've kept up with your filing - as my mother used to say, "A place for everything, everything in its place."

Bookkeeping Tip #14:  Make Storage Boxes for Each Year

Keep all your records for one year in one box.  In that one box, you can put a copy of your tax return, bank account statements with cancelled checks, monthly reports from your Big E-Z Books software and your Big E-Z Receipt Storage Book, financial statements from your accountant, your paid bills and all other backup for that year. Label it with the year and contents on the outside of the box and store it somewhere accessible.

Bookkeeping Tip #15: Set Up a Petty Cash Box

Almost all small businesses make small cash purchases. You may want to set up a Petty Cash Box to keep control of those purchases. Get yourself a metal cash box and put in currency and coin that total $100.00, for example. This will be your starting point. The value of this box should remain at $100.00 at all times. Perhaps you or your employee purchases a notebook at the local office supply store for $5.00, using money from the Petty Cash Box. When returning to the office, put the receipt in the box. Now you should have $95.00 in currency and one receipt for $5.00. The value of your box is still $100.00.

Also See Tips 1-5, Tips 6 - 10, Tips 16 - 20

Blog 2015 - Tips for Operating Your Small Business - Tips 11 - 15