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Use these three tips to make keeping your accounting records better and easier

by , 02 May 2014
You're legally obligated to keep full accounting records for your company. These can take hours to put together because of how detailed they have to be. And when too many people have access to them, it's easy to things to go awry. This means even more time that you have to spend checking them. Bad bookkeeping could mean an audit form SARS. So how do you do them well and quickly? Keep reading and you'll get three tips to do just that...

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Analyse financial statements, identify errors with checklists, step-by-step instructions & examples
 
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Three tips to do your accounting records better and faster

When it comes to running your business, you have a lot to do. You can't spend hours fussing with your accounting records. This is why you need to make use of these three tips. 
 
The first and most obvious of these tips is use electronic accounting software. This kind of software makes the accounting process simpler because it already has the layout and formulas built in. 
 
This software also has the advantage of being digital. This means you can save it on a public share folder only accessible by you and your accounts department. This means you don't need to go hunting for the books. 
 
Excel is the most commonly used software for basic bookkeeping. 
 
The next big tip is, hire an expert bookkeeper to do your company balance sheet. Even Forbs.com advises that you use a professional. Their knowledge in the finance industry will mean they can get the job done fast and more accurately. 
 
This said, our experts have warned against not checking up on your bookkeeper though. There have been cases where bookkeepers have altered a company balance sheet and pocketed the difference. 
 
The last tip is, keep all of your receipts and payment documents and make digital copies of them as well. Being able to find the right receipt fast will be a huge help in completing your accounting records fast. 
 
So once you've done your accounting records, what do you do with them?
 
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Are you spending TOO MUCH on accounting costs?
 
REVEALED: The secret to reducing your audit fees…
 
The truth is you could pay less accounting fees while at the same time prevent fraud, save on tax and Vat costs and keep up to date on changing legislation.
 
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What happens to your accounting records?

You must keep all your account records. If SARS decides to do an audit, you'll need to be able to present accounting records. They could ask for anything from when the business started to your most recent records.
 
This is why they're so important so use these tips to get them done right and done fast.
 

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