What Is Your Primary Method Of Accounting?

[Mike Turner]

I am still on pen and paper receipts to be honest, and I give them to my accountant on a fortnightly basis. We've only just started doing this, but he now scans everything onto his computer so that we have a copy of everything that has been done. It's great as I now know that we have a more reliable back-up than it would be if it were just another physical copy somewhere. I know some people who don't keep paper copies at all anymore! Which type of person are you?

 

[Gemma Rowlands]

I print out all of my receipts, and also have a copy of them online stored so that in theory I should always be able to access them if I need to, and I also have a back up option when needed.

 

[Scottish Business Owner]

All my receipts etc go into Evernote. Fully searchable and easy to find.

I don't keep any paper copies as the electronic copies are legal from an HMRC perspective. I trust Evernote not to lose my data becuase if they did then their business is finished.

 

[Gemma Rowlands]

All my receipts etc go into Evernote. Fully searchable and easy to find.

I don't keep any paper copies as the electronic copies are legal from an HMRC perspective. I trust Evernote not to lose my data becuase if they did then their business is finished.

I don't think I'd feel comfortable not having everything to hand to be able to look at whenever I needed them. Then again I've always written everything down; even my diary I have to have a hard copy as well as having it on my phone or computer or anything.

 

[Scottish Business Owner]

Hi Gemma,

I know alot of people who just can't give up paper. I guess I've just embraced it. All my meeting notes etc are all digitised as well as evernote allows all of that text to be searchable.

I have it on all my machines, iPad and phone so I can access wherever I like. I'm starting to sound like a bit of an Evernote sales man so I will stop there

 

[Lauren Turner]

I literally write people receipts on that paper that leaves a copy underneath for yourself. I know that's silly as there are other ways to do it, but to be honest when I'm writing down my takings etc I just feel like it's a lot easier and there's no need for anything else. I also have my bank statements to show exact expenditure etc so I think that's helpful as well.

 

[Mike Turner]

I literally write people receipts on that paper that leaves a copy underneath for yourself. I know that's silly as there are other ways to do it, but to be honest when I'm writing down my takings etc I just feel like it's a lot easier and there's no need for anything else. I also have my bank statements to show exact expenditure etc so I think that's helpful as well.

You should try having a separate business account for all money that is to do with the business, as it's easier to see it without worrying about any personal expenses that might be on other statements. That way all of the information you need is written there and that's handy if anybody wants to investigate your accounts in the future for whatever reason.

 

[Michelle Gregory]

I use Xero which has automated bank feeds. For receipts I use the xero app on my iphone to record the expense as soon as I buy and upload a photo of the receipt.

As an accountant I see many methods - a lot of people write in a notebook and keep the loose receipts.

 

[Gemma Rowlands]

You should try having a separate business account for all money that is to do with the business, as it's easier to see it without worrying about any personal expenses that might be on other statements. That way all of the information you need is written there and that's handy if anybody wants to investigate your accounts in the future for whatever reason.

I agree with this Mike. Things can get very complicated if you don't have that dedicated business account. It just lets you see things more clearly, which is great, and can stop you from making a mess of things further down the line.

 

[Stephen Sherry]

Ive just started a trial of Freeagent..

 

[Pete Brindle]

We have quite sophisticated accounting systems, including all clients' details, all staff details, the hours they've worked, the amount they charge per hour, any deductions for use of materials etc. I have a tech guy who really enjoys all of this type of thing, so I simply see no reason to stop him from doing it, as it works very well indeed for us.

 

[Aaron Reed]

thanks

 

[Sirnannos]

thanks

 

[alexjoouk]

Some people still use paper to manage their accounts manually as per their comfort. You can also use two methods to maintain your records.

The first is to use software with specific advantages and disadvantages. Some of the most popular software are Sage, Xero, and QuickBooks. You can keep track of your finances, produce reports, and submit taxes using accounting software.

Another method you can use to manage your business books is outsourcing accounting services to address your accounting requirements. So that you can focus more on your core objectives and grow rather than be busy with piles of papers.

Your unique requirements and financial constraints can decide the best way to select an accounting technique for your organisation. Outsourcing accounting is a good idea if your organisation is more prominent or you want more specialised services. Try it once and let me know your experience.