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Don't pay an accountant! Follow these five steps and do it yourself

by , 24 September 2014
Accountants are expensive and hiring a good one to do your company's books could cost you thousands each month.

Does the thought of managing your own accounts make you feel nervous?

You don't have to feel that way.

It's easy to do your own accounts and keep them accurate.

All you have to do is follow these five steps to accounting success...

 

Following these five steps will help you do your own accounting easily

 
Step 1: Organise all of your supporting documents
 
You need to keep documents such as bank statements or receipts to prove where your accounting data came from. This also helps you verify any of your accounting data. 
 
Step 2: Create a book for general income and expenses
 
You need to keep track of your general income and expenses. You can do this with a simple income and expense journal. Make sure your amounts always balance.
 
Step 3: Create a statement of comprehensive income (Income statement)
 
You need to look at your amounts for Net Sales and Cost of Goods Sold to help you work out your income statement. You have to show your total income after you deducted all of your expenses.
 
*********** Hot off the press  ************
 
If you're one of the first 50 readers to accept this invitation, I'll send you an Accounting Toolkit that includes practical tools to implement correct accounting practices in your business. 
 
It includes tools, templates and checklists that'll help you save on audit fees, reduce risks, record accounts accurately and be 100% legally compliant:
 
Related party relationships and balances schedule;
Expenses and liabilities checklist;
Leave pay accruals schedule;
Items to check on a monthly basis;
Fixed Asset register; and
Management account template for productive hours.
 
*************************************
 
Step 4: Create your balance sheet
 
This must work out the company's assets, debt and the equity you and any other partners have in the business. If these all work out correctly, it shows your books are in balance too. 
 
Step 5: Create your statement of financial positional 
 
This takes all of your income, net wealth, capital and profits and works out your company's total financial positions.
 
If you follow these five steps you can easily complete all you books. But don't forget to check out the Practical Accountancy Loose Leaf Service to find out everything you need to know abut all these different accounting steps.
 

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