Tip 1 - Choose software that your accountant is happy to use.  With cloud based software you AND your accountant / bookkeeper can both log in to the transactions which can help you to receive help when you need it.

We have seen one client get into a mess because their accountant refused to support the package they used.

Another client had an accountant who didn't want to use the authorisation app to log into the software and so they really needed a more IT savy accountant.

It may be worth asking your accountant if they have any preferences.

Tip 2 - Save supplier invoices as attachments.  Most of the packages now allow you to save a copy (PDF or photo) of your supplier invoices into the transaction when you are posting.  That way when your accountant needs fixed asset invoices etc at the year end, they have everything they need just by logging in.

It can also be the easiest way to find a copy of an invoice once you start doing it.

Tip 3 - Download a bank statement from your online banking app each month.  Even though the bank can be linked to the software, we have seen a few transactions which didn't download as well as a few which were duplicated.  There can still be differences to fix and so reconciling the bank to the balance on the software is still a good idea.

I have also seen one client struggle to download 12 months of statements at the end of the year, so it really is best to download a month end statement for each bank account as you go along.

Tip 4 - Create monthly folders.  If you keep copies of invoices, VAT returns, bank statements, emails etc it is much easier to find them in a hurry if you set up monthly folders.  Trying to work out which PDF is the document you need is like looking at a needle in a haystack if you don't set up a bit of organisation.

Tip 5 - Create a payroll summary.  If your business pays employees, it is really helpful to keep a payroll summary.  It helps you check the entries in the accounts agree to the payroll and helps to back up the figures when you send the year end to the accountant.

If you like these tips, please feel free to follow us on social media (bw_bookkeeping on instagram and bookkeepersSE on facebook).  If you would like to hand over the task to a team of bookkeeepers, get in touch.