- Cash book
These are the payments into and out of your bank account. If you keep it up-to-date, after a few months you’ll be able to use it as a forecasting tool, rather than just a historical record.
- Sales invoice file
If you use an accounting package to do your bookkeeping, you can use it to issue and store invoices. However, if you do the invoices manually using Word, or other program keep a record on file. You should store your invoices in chronological order. To help your credit control, you should keep the invoices which haven’t yet been paid at the front of the file.
- Purchase invoice file
It would be useful to make notes on invoices about when you paid them and how (BACS, cheque, cash etc). Youi should file them in chronological order. This will make your life easier when you need to find information.
- Get an invoice or receipt for everything you buy
The longer you are in business, the higher are the chances of a VAT or tax investigation by HMRC. You don’t have to worry about them as long as you have a professional accountant like Adiva Accountants London on your side. Obviously you have to keep all your paperwork too.
You should get into the habit of keeping a piece of paper for every transaction you make. So, if you buy something online always print off the invoice. It’s always easier to collect invoices as you go along, than to try to find them many years later.
If your company in Bromley, Kent and London areas requires a bookkeeping service, why not contact us today at Adiva Accountants London.