Happy New Financial Year – In Australia, the financial year starts on 1 July and ends 30 June
There were no fireworks on “New Year’s Eve” this June 30 in Robina or Varsity Lakes – it seems that Gold Coasters were more focused on winning the $90million Oz Lotto Jackpot.
Well, apparently one couple in Mermaid Beach were the lucky joint winners, securing over $50million
Have you made any New Year’s Resolutions?
We always encourage our clients to get a better handle on their paperwork – it save us time, and thus save our clients money in bookkeeping fees.
A very simple bookeeping habit to get into is simply this: everytime you pay an account, be it an invoice, or even making a cash purchase, you can do a little bit towards your bookkeeping. Write the date you paid the invoice, the amount you have paid, and the source of funds used for the payment.
Straightaway you are asking:”Why do I have to write the amount that I have paid on the invoice, when there’s already an amount printed on the invoice? Well, we do not know whether you are paying the whole amount as stated on the invoice, or whether you are making a part payment.
Why write the date of payment, when the invoice clearly states the invoice due date – Again, how does your bookkeeper know when you actually paid the invoice, without spending a few minutes chasing up the payment
Why write the payment method? You may have paid by cash, or by cheque, or by credit card, or Internet Bank Transfer
So which bank account, credit card account or other source of funds did you pay the invoice from?
A simple extra minute spent adding this information could dramatically reduce your bookkeeping fees each year
There’ many other New Year’s Resolutions that you could be making for a successful twelve months in your business
