How to Organise Your Bookkeeping Records

Here’s a confession: We’ve all experienced some kind of embarrassment due to our inefficient bookkeeping methods. Well, no one can deny the fact that bookkeeping is an immensely tiring and time-consuming task that we often loath to undertake. A survey of the top accounting services in Singapore has revealed that on an average people spend over 4 hrs every week just searching for vital accounting documents.

Before the advent of electronic file management systems, companies used to record each and every financial transaction in separate documents and files. Searching for bookkeeping records later for tax filing or simple analysis of the company’s financial status seemed to be a herculean task. Rummaging through hundreds of files with thousands of documents often created confusion and mistakes. Now avoiding that has become easy with the use of accounting software and electronic file management systems. However, companies still feel the bookkeeping pangs now and then because at the end of the day it all boils down to one thing – how organised you are with bookkeeping records.

Hiring reputed accounting services in Singapore is a great option, but if you want to organise your bookkeeping records, then these tips will certainly come handy.

Keeping what you need and getting rid of the rest

Now, you don’t always need all the documents so you must start to create a list of the relevant documents and get rid of the unnecessary files. Bookkeeping records need to be organised in a proper manner so that you have the latest version of a document. It’s also important that you either remove or move to archive every unimportant or low-priority document so that you don’t face any trouble while searching.

Archive all old files that you might need in the future

Keep all your old files boxed up in a safe storage unit so that you can easily access them whenever the need arises. It is better that you put all the files in an organised manner in an accessible place and not somewhere up in the racks. In fact that is the only way to easily search for an old document and pull it up for reference as and when required.

Dividing the files by category

Proper filing of all the documents is extremely important so that you know which folders to search when you need a document. Separate each folder by receipts, manuals, customer files, bills etc. and colour coding each folder is the best way to organise the documents. In fact that’s a standard operating procedure followed by the most reliable accounting services in Singapore.

File the documents quickly

Well, procrastination is definitely not the right approach towards organizing your bookkeeping records. File the documents as soon as you’re done with them so that you never miss out on filing the vital documents that you might need in the future.