Professional Bookkeeping Tips

Bookkeeping is something that every business should take care of; it’s not only a legal requirement but it’s a great way to keep accurate records and know exactly where your business stands in terms of progress and profits. Bookkeeping services can be done in-house, or you can outsource this to a professional service provider in your area.

Prepare Your Statements

One of the most important aspects of bookkeeping is getting accurate financial statements. Your financial statements reflect your business’ growth and profits, which is essential for management and shareholders. If you prefer, you can outsource your bookkeeping to a professional team that can take care of all your accounting functions on your behalf, ensuring that you are updated and compliant.

Always be Compliant

Another aspect to keep in mind is that your business needs to be compliant. This largely has to do with tax responsibilities, and this is important. You need to make sure that your business is updated with its tax payments and that returns are sent in on time. If you are not sure how to go about this, using a professional service provider can ensure that you are always on time and paid up. If you are just starting out your business, it’s important to make sure that you are registered for the correct tax types, including PAYE and UIF if you have employees in your office.

Effective Credit Control

Making sure that your debtors are in good standing and that no payments are overdue is always important. Your customers’ payments are essential to your business’ income, so always make sure that your work is up to date and that statements are sent out on time. You need to ensure that payments are received, and follow up on outstanding accounts immediately to avoid customers falling behind. It is essential to make sure that money comes in, as this can have a detrimental effect on your business if not managed properly.

CA Management Consulting specializes in bookkeeping services in Johannesburg. Our services also include tax clearances, bank reconciliations, estate planning, completion of income tax returns, and provisional tax returns. We have offices in Johannesburg and Cape Town to assist customers.