What Information Is My Accounting System Not Receiving?

Most small business owners understand about entering information into their accounting

systems to help regulate and reconcile their business earnings and expenses. This also helps to make things easier at tax time.

However there are sometimes some things that aren't entered into your accounting system that really should be.

The core entries are usually the same for most businesses. These include accounts receivable and accounts payable, billing, stock or inventory and sales orders. Your business may also record things like purchase orders or keep a cash book, where your business records collection and payment.

Some businesses may also require entries for expenses, electronic payment processing, payroll tracking for employee salaries, taxes and superannuation payments, and purchase requisitions.

But many businesses don't consider entering in many of the very small expenses they see each month that could really add up to a substantial amount by the end of the year. These can include bank fees and charges and other similar charges you may not have entered.

You should also consider entering such things as debt collection, bad debts and any overdue bills. In some businesses, these can be written off prior to tax time as bad debts. In other cases, you may also incur fees related to your debt collection efforts.

It's important you also ensure your personal expenditure is kept separate from your business records. Even if you're a sole trader and your personal income is intermingled with your business earnings, you should still make an effort to keep your records separated, entering your business information into your accounting systems and keeping a separate track of your own personal drawings.

If you keep up with entering your business information into your accounting systems on a regular basis, you'll find it much easier to keep up throughout the year. You'll also find that you're much less likely to miss important information when you keep up with it regularly.

If ever you're unsure about what you're supposed to enter into your accounting systems, it's important you speak to your accountant about your options. This can make it much easier for you to always know what you should be entering and what you should be keeping track of.

by: Danny Smithwood

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