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What Is Your Primary Method Of Accounting?

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Mike Turner

New Member
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

Gemma Rowlands

New Member
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

Scottish Business Owner

New Member
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

Gemma Rowlands

New Member
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.
 
Last edited by a moderator:
Scottish Business Owner

Scottish Business Owner

New Member
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 :p
 
L

Lauren Turner

New Member
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.
 
M

Mike Turner

New Member
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

Michelle Gregory

New Member
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

Gemma Rowlands

New Member
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.
 
P

Pete Brindle

New Member
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.
 

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