Bookkeeping tips for small business owners | FAQs

2 minutes   |  CAREER ADVICE, FINANCE

You don’t have to be a professional accountant to ensure that your finances are always in order. If you’re running your own small business, you’ll need the skills and knowledge to manage your own accounts and make sure your books are helping you succeed – like those found on the UCT Bookkeeping online course.

Watch this short video featuring Gareth Cotten, Head Tutor on the UCT Bookkeeping online course, to find out how bookkeeping skills are essential to keeping a small business running smoothly and profitably.

Whether you are a freelancer or a small business owner, keeping abreast of your bookkeeping and financial management is vital to your business’s success. The number one bookkeeping tip is to track everything you spend. Keeping a small book of records will help ensure that your financial management is sound and that nothing goes unaccounted for. You also need to ensure that everything you record is categorised – as a small business owner it will help you understand the different expenses you’ll experience. If you consider these two bookkeeping tips, you’ll be one step closer to reliable financial management.

Get the skills you need to start and run your small business with the Bookkeeping online course from UCT.


 Want to establish yourself with up-to-date bookkeeping skills?

Register now for the University of Cape Town Bookkeeping online course.

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Transcriptions

Some bookkeeping tips for small business owners would definitely be:

One, tracking absolutely everything that happens. Whether it’s a tiny little cash transaction out of your pocket, write it down. It doesn’t have to be in the exact bookkeeping format but as long as you write down and record the transaction, a good bookkeeper can track it for you.

Secondly, try and categorise your income and your expenses as well. So if you are running a business that has multiple products, try and register your sales according to product lines or business lines. With expenses, try and categorise them even if it’s just putting slips, loose slips, into a file, try and categorise them into different types of expenses. This is going to help with your own tracking but also for putting your books together at the end of a period.