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Double-entry bookkeeping is the process most businesses use to produce their financial statements. If a transaction takes place, at least two entries need to be made; a debit and a credit. A simple example is that if a sales invoiceis issued, there will be an entry in the sales (profit and Loss Account), and the customer account increased (Debtors). Accounts Payable: The account that allows you to see what money is leaving or has left the business - and when. This account gives you a clear view of everything you need to pay and makes sure that you don’t pay anyone twice.I take you through the principles and methods of entering financial data into the business books in an organized way... If you’re acting as a bookkeeper for your business, you’ll review source documents and record basic accounting information. These are not administrative tasks. They’re critical steps that can affect your business. If you have enthusiasm, patience, and time then your answer should be yes to doing it yourself to start with! You might also be motivated by your desire to keep your costs down. To get started, you don’t need to search for the cheapest bookkeeper around, even if you’re a complete newbie. You work hard for your money so the last thing you want is giving a big chunk to the taxman and then another hefty slice to a bookkeeper for tasks you can do by yourself.

Separate operational responsibility (actual day-to-day transactions) from record-keeping responsibility (entering transactions in the books).Bookkeeping for a small business is a vital role if you want your finances to make sense. Initially the bookkeepermay be you, but as your business grows you may find you no longer have the time to spare. Because of the complex nature of preparing accounts, you would generally be advised to use an accountant or bookkeeper to prepare your accounts. Not only will this ensure that all records are accurate but it can also help to save you money in the way of tax efficiency. How do you prevent employee fraud in the workplace, and how can you be sure that nobody has their hand in the till? Like double cream and crash diets, keep bookkeeping tasks and the handling of cash or business assets completely separate. This includes