We all know that accounting is not everyone’s cup of tea. Here are 6 tips and tricks to save time and complete your accounting more easily!
1. Sort and File Your Receipts and Invoices
In a file cabinet with dividers, organize your receipts and invoices by expense type and fiscal period. Once you report them into an accounting software and once the reports are generated, you can regroup all the receipts and invoices from the same period.
2. Establish Your Accounting Calendar
Determine all the deadlines for your accounting operations (the annual accounts, the various returns, the cash flow statement, the purchase register, etc.). Once you know when everything is due, you can establish a calendar to keep track of the deadlines.
3. Keep Your Personal and Professional Accounts Separate
Do not mix your personal expenses with your professional ones. To avoid any problematic situations, you should use separate accounts. This way, you also avoid the severe penalties that can ensue.
4. Consult a Professional Accountant
Consulting a professional accountant might not be essential, but it can be the key to success. They can advise and guide you through your financial decisions. Thus, you know that your accounting is done well. Still, choose the right one for you!
5. Broaden Your Knowledge in Accounting
You must know basic accounting principles to manage your accounting well. Consider using expert advice or signing up for training courses. On the Internet, you can also find various resources (blog articles from experts, forums, tutorials, etc.).
6. Use the Right Accounting Software
Some software not only save you time, but they also reduce the risk of mistakes and omissions. You can choose software that suits your needs: payroll management, invoice management, expense management, etc. If you work in real estate, your property management software should allow you to easily do your accounting. Moreover, you should be able to manage your budget, project your income and expenses, collect your rents, generate your accounting reports, etc. This way, your accountant can get all the necessary information to create your financial statements and close your fiscal year directly on the software. Whether you are self-employed or own many properties, Proprio Expert offers all the essential features to complete your properties’ accounting.