So you are starting your new company and are very excited about it. One thing you must understand in order to have a successful company, you must keep up with it. You do not want to have monetary problems later, simply because lack of proper bookkeeping. These are the basic bookkeeping for new business start ups tips that you will need.
The best thing that you can do is keep a record of everything you do. You want to have all your financial records in order in case the company is ever audited by the IRS. Having the proper records in order will ensure that you are able to go back and find everything quickly.
You want to keep record of every check made by the company account. Even if the check was voided, you must still record it. Keep your check numbers in order and ensure you correctly write when one was voided. This will help you keep things in complete and accurate order.
You must remain consistent with all of these financial records. Do not change around from month to month to different methods of recording your financial information. This means that you do not want to enter all the financial information of the company for last month on a financial record book, then switch over to record all information for this month on the computer. This will make it easy to lose track of things or lose receipts along the way. Stay consistent with the way you record things. If you used a financial record book last month, use the same for this month.
Once you receive the bank statement compare it to the recordings you have. Do not just discard or store it to never be seen again. You want to ensure that every debit and credit transaction posted on there checks off with what you have on your financial books.
These are the top basic bookkeeping for new business start ups advice that you can use. Following these tips will ensure that everything is in order and easy to look into when you need to. Remember to keep all receipts as well along with all your checks and statements. It will help you, if you get audited by the IRS.