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One golden rule for good bookkeeping

by , 13 May 2014
Everyone has their tips and tricks and secret for good company bookkeeping. Ours isn't a tip, trick or secret though. It's a golden rule you should NEVER break or forget. If you do, you'll end up with disorganised accounting records. And Murphy's Law, that's exactly when SARS will come knocking to do an audit. So follow this golden rule and make sure your bookkeeping will stand up to SARS.

Three accounting record risk areas to watch out for

Follow this golden rule with your bookkeeping

What golden rule?
I'm referring to the golden rule of always keeping your bookkeeping up-to-date.
If you go a month, or even a week, without checking and completing your bookkeeping, you're going to forget something. 
Forget just one receipt and it could be the difference between a balance sheet that balances and one that doesn't. 
Even with basic bookkeeping you have to update it regularly. 
So how can you do this?
Analyse financial statements, identify errors with checklists, step-by-step instructions & examples

What you can do to make sure your books are up-to-date

To keep your books up-to-date, you must keep every receipt. Enter the information from that receipt as soon as you can so you don't forget it.
If you do your own bookkeeping and accounting, have one day a week where you enter your information into your accounting system.
If you use bookkeeping services, speak to and send them your receipts and papers once a week.
This way, your profit and loss statements, cash flow statements and statement of accounts will always be up-to-date. 
The Practical Accountancy Loose Leaf says that one of the biggest accounting record risks is losing financial information. But it's an easy to avoid mistake if you just remember and follow this golden rule. 

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