How to Make a Bookkeeping Business Plan
A bookkeeping business plan is essential and needed no matter what type of business you are currently in. As long as it involves money, you will need this thing in the first place.
To perform tasks related to bookkeeping activities, there are several things you need to do considering this task is pretty challenging. All financial resources in your company are in your hand, you need to be agile and careful at the same time.
Steps to Do in Bookkeeping
There are several things you need to start bookkeeping. First of all, you need to be a licensed accountant. Other than that, make sure you know the guidelines of the business plan before jumping to make a bookkeeping business plan.
1. Prepare the documents
Of course, you need to prepare all transaction documents. This will be your starting point in the journey of bookkeeping.
2. Sort the relevant information
Relevancy is important on so many levels. Once all documents are gathered, you need to sort each of them and check if it is relevant about transactions you are managing. Each transaction will have a financial effect and this is your job to record each of it.
3. Make a general journal
After you find the relevancy of each information, you can record all of them into a general journal. Make sure you sort it chronologically. If this is a bit complicated, you can try to take a look at the general journal template that includes debit and credit tabs.
4. End-of-period procedures
Generally, your company will need accounting reports right at the end of the month. In this case, you need to perform end-of-period procedures. This will be a critical step because the company will use this to prepare other reports from management, tax returns, and so on.
5. Compile the documents
If you have done the procedure already, you need to compile the list and put in in your record. Later, you will use the information to make the trial balance that has been adjusted. All changes that affected by transactions during a period would be reflected.
If you have done these 5 steps chronologically, you can close the account book and clear the nominal account. This will help you to get ready for the next bookkeeping month.
Why Do You Need Bookkeeping?
Some of you may want to know why this task is important in the first place. All financial transactions are recorded in bookkeeping. It helps your company and other related parties to make a financial statement for sure.
Bookkeeping also limits the hassle during auditing. When the auditor needs to find information about financial statements, the bookkeeping record is ready to check. When it comes to tax payment, some documents are needed. Bookkeeping will help a lot since all files are gathered at once.
Bookkeeping will record any information related to transactions that the company had done. A general summary can be checked right away. And this is why a bookkeeping business plan is useful for analysis and management.
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