How To Conduct Proper Bookkeeping
Whether you are operating a sole-proprietorship, small business or a large organisation, bookkeeping is an essential process that you must integrate in your operations. More than enjoying the many advantages of having a proper bookkeeping process in place, entrepreneurs in Singapore are actually required to keep well-maintained books of accounts as stipulated under the Companies Act. While bookkeeping does not directly contribute to generating profits for businesses, it is enormously important to the overall financial well-being of any institution. Through bookkeeping, business owners and managers can easily determine the current financial standing of a business, track and maintain adequate cash flow in order to keep thing moving forward.
Here are some options you can explore in securing a bookkeeping process for your business.
– Hire an accountant or a bookkeeper. This is the easiest way to solve the problem. Many business owners would like to do so. However, some small businesses may not be able to afford this luxury.
– Manually bookkeep by using a notebook. The business owner or staff can take down notes about the daily transactions. This may work well for new businesses but is not recommended to the business which generate a lot of transactions.
– Microsoft Excel can also be a valuable tool in setting up a bookkeeping system. It is a commonly used office software and you can adjust the form with need anytime. Take note, however, that setting up the whole system may take some time and efforts.
– Use a bookkeeping software program. There are several software programs you may easily find for bookkeeping. Some good ones will enable you to generate reports and financial statements with minimal effort on your part.
Above all, the key point for bookkeeping is to make sure every transaction of your business is clear and well noted.