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Knowledge Base

Tips for managing business paperwork

  1. Keep all cheque books and ensure all cheque stubs are clearly marked with payee, date and amount.
  2. Keep all paying in books and ensure all stubs are clearly marked with source of deposit, date and amount.
  3. Keep supplier invoices filed in a logical way.  This could be a filing section per supplier, or invoices filed in monthly sections.
  4. Pass any funds taken out of the business via the ETI scheme to ensure tax paid up to date and no unexpected tax bills.
  5. Keep personal expenditure and business expenditure separate - have a business bank account and a personal bank account and have a business credit card and a personal credit card.
  6. If operating more than one business keep everything separate – separate orders and payments to suppliers, separate files, separate bank account and separate credit card.
  7. File all bank statements in order.
  8. File all ETI and SS quarterly returns together and keep with the business paperwork.
  9. File all loan / lease agreements together and keep with the business paperwork.
  10. Perform a stocktake at least at the end of each accounting period.
  11. Complete a daily sales sheet which shows amounts of cash, cheque and credit card takings, and any discrepancies.

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