Tip 1 - Bank statements

Lots of our clients still like to keep paper bank statements so that they can look back on entries without having to deal with online banking. 

Our tip for keeping bank statements is to sort them into order, with the MOST RECENT date at the top of the pile.  That way when you file them, the most recent transactions will always be at the top of the folder.

We also suggest shredding the cover pages and information about charges, so that only the real bank statement are taking up room in your folder.

Tip 2 - Supplier invoices

If you are still keeping paper copies of supplier invoices, we would always recommend that you file them in alphabetical order.  That way when you need to find an invoice you only need to flick through the section for the relevant letter.  

Also start a new folder or set of folders for each accounting year.  This means when you reach the 7 year cut off, it is easy to know which files you can dispose of as they are no longer needed for tax purposes.

Tip 3 - Receipt Capture

Our clients have started to send their receipts to us on Whatsapp, so that we have a copy BEFORE the receipt gets lost in a van or the ink is bleached by the sunlight hitting the dashboard.  We can then save the receipts in a file on the computer so that if we never see the paper receipt there is no problem.

I also suggest if you are filing receipts in a plastic wallet to keep them all together in the file, you staple the top of the wallet before you file it.  This means if the receipts slide about in the plastic wallet when you are carrying the folder, none of them can escape!

Tip 4 - Set a time each day or each week to deal with paperwork

As we all know, the worst thing to do with paperwork is to let it build up so that the mountain is overwhelming.  If you set a time each day (before you have your tea) or each week (before you pop for a pint on a Friday) to get the paperwork organised, the pile stays at a manageable size rather than taking over your whole house.

Tip 5 - Write a to do list

Whether you write it on a bit of paper, a white board or your smart phone, a to do list can help you to stay organised.

If you know that you need to get the car tax renewed, your suppliers paid and send some statements to customers, make a note before the phone starts to ring.

We all think we will remember the important tasks and then real life gets in the way.

It is also rewarding to tick the items off, so write them down and start ticking them off!

If you would prefer to have a bookkeeper doing all these tasks for you, let us know but hopefully these tips will help you to get your business paperwork on track.