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  • Writer's pictureLisa Culverwell

10 Do's & Don'ts of Bookkeeping


Do's & Don'ts of Bookkeeping

Bookkeeping is a crucial aspect of managing finances for businesses and individuals. Following best practices can help ensure accurate financial records and compliance with regulations. Here are some do's and don'ts of bookkeeping:


Do's:


  1. Keep Detailed Records:

  2. Use Accounting Software:

  3. Reconcile Bank Statements:

  4. Categorize Transactions:

  5. Backup Data:

  6. Stay Compliant:

  7. Separate Personal and Business Finances:

  8. Monitor Cash Flow:

  9. Document Expenses:

  10. Seek Professional Advice:


Don'ts:


  1. Delay Recordkeeping:

  2. Rely Solely on Cash Transactions:

  3. Ignore Bank Reconciliations:

  4. Mix Personal and Business Expenses:

  5. Overlook Petty Cash:

  6. Forget to Backup Data:

  7. Disregard Tax Deadlines:

  8. Ignore Financial Reports:

  9. Rely on Memory:

  10. Overlook Training:


Following these do's and don'ts can contribute to effective bookkeeping, helping businesses maintain financial accuracy and compliance.



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