Practical tips for fast accounting | An Accounting-Guide

Even if bookkeeping is done reluctantly by many – neither large companies nor self-employed and freelancers get around this task.

I experienced this myself to an almost unimaginable extent at one of my former employers. The receipts were never where they were supposed to be, and at the end of the month, when the tax consultant sent a reminder for the missing receipts, the great search began. In retrospect, of course, it was much more difficult to find the receipts again and to remember exactly what had happened if anything was unclear. This cost everyone nerves and a lot of time. Of course, the bookkeeping still had to be done, and to make matters worse, additional fees were often due.

However, it is not that complicated to keep the business books in a structured and complete manner. These practical tips will help you to do your bookkeeping quickly and avoid chaos:

Fast bookkeeping – this is how it’s done:

This is why correct bookkeeping is so important

Since company books are used to determine profits at the end of a fiscal year, not only large and medium-sized companies, but also small businesses and freelancers are obliged to keep them correctly. The tax office uses them to determine the taxes that you will have to pay later. If errors creep in here, or if the tax office finds gaps, you may have to expect additional payments or, in the worst case, even a high penalty. Therefore, you should do the annoying paperwork conscientiously from the outset.

However, correct bookkeeping also offers you a great advantage: it allows you to keep track of all the money movements that affect your business at all times. This helps you to always realistically assess your financial situation and optimize profits if necessary.

Whether you do the bookkeeping yourself or have outsourced it to an external service provider, these tips will help you get the job done faster:

Practical tips for fast bookkeeping

Tip 1: No booking without a receipt

The most important tip for my former boss ;-). Every financial transaction, income as well as expenses, must be documented. Only through receipts such as receipts, invoices and cash receipts the expenses can be booked correctly. For this, the receipts must be collected. Don’t forget recurring expenses such as rent, telecommunications and insurance.

Tip 2: Pre-sort receipts

Receipts collected in a shoebox are at least findable. However, you or your outside service provider will spend time punching the receipts and sorting through the chaos. Simply presorting them in a binder by incoming and outgoing invoices, or filing them chronologically, saves time overall and therefore money.

Tip 3: Start early

Especially if you are busy, you should set a fixed monthly date in your calendar to check your presorted (!) documents for completeness or, if you work with accounting software, to do the bookkeeping.

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