Regardless of the size of your business, efficient bookkeeping practices are essential to keep any business running smoothly. Here are some helpful hints to help you streamline your bookkeeping process:
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Set up a chart of accounts that best keeps track of all your bookkeeping information.
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Balance and record daily sales and cash receipts daily.
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Reconcile your bank account.
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Watch closely your accounts receivable from customers.
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Pay your bills accurately and on time.
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Set up sales and revenue targets and monitor your progress closely.
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Budget for all your expenses and compare your performance to budget regularly.
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Watch for unusual changes in sales or expenses.
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Monitor your gross profit closely and make any necessary pricing or purchases decisions.
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Take care of slow moving inventory.
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Pay your employee withholding taxes and GST/HST when due.
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Take physical counts of your inventory and compare to your bookkeeping records.
