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These three tips will take the intimidation out of understanding your company's books

by , 22 July 2014
Your company's financial books don't have to scare you! It doesn't matter how may expenses you have, you can manage them yourself. So forget about hiring an accountant and take control.

You see, good financial management is all about being organised. If you keep all your expenses in the right place and up-to-date, you have nothing to worry about.

But to make it even easier for you, we have three tips that'll make managing your company's books a snap. Read on to discover what these tips are...

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Three accounting record risk areas to watch out for
 
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Make doing your company's accounting a snap with these three tips

 
The reason so many business owners fear their company's books is because they worry that they'll get something confused.
 
Putting the wrong amount in the wrong book can totally throw off your company's financial management. This is why you need to use these three tips:
 
Tip #1: Go digital when it comes to your books
 
Don't waste time with pen and paper when it comes to doing your company's bookkeeping. Books are much harder to manage, especially when it comes to transferring and changing information.  Rather go with a digital programme that allows you to move and change information quickly. 
 
Tip #2: Label all your books clearly and save them in a separate folder
 
The best way to avoid any confusion when it comes to doing your company's accounting is to be able to see which books are which. This way you'll never mix them up and you put the right information in the right books.
 
Tip #3: Keep all your invoices and receipts so you can check your entries
Throwing away your company's receipts and invoices is never a good idea. If something in your profit and lose statement doesn't add up in one of your books, you'll need to check the original receipt or invoice for the amount. You can't do this if you've thrown them away.
 
With these three tips your company's books no longer need to scare you!
 
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Are you protected from personal liability in the new Companies Act?

If you're a director - you could be held personally liable for fraud in the company. This means that you need to know exactly what your financial status is.

Relying on your auditor for feedback is not good enough anymore. 
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