Bookkeeping in Kenya
Follow these easy tips and save yourself excessive bookkeeping fees!
We work hard to work with our clients to ensure that their bookkeeping and accounts are running as smoothly as possible. Because of the nature of the work we do, we do need our clients to adhere to a set of basic good practices and keep information complete and organised. The quality of the output is directly linked to the quality of the input!. Here is a set of hints and tips that we ask all of our clients to work with so that we can continue to provide top quality services for reasonable rates.
1) Make sure you get a VAT receipt for every business related payment you make.
2) Record any cash advances you take from the business. This could include cash out of the till, or advance pay etc.
3) Keep a log of all non-standard income. e.g any of your own money, or any sale of assets etc.
4) Use your cheque book stubs properly – Write down the date, who you are paying, which invoices you are paying, and the amount.
5) Keep your business accounts separate from your personal accounts where possible
6) File all paperwork. Keep a sensible filing structure for your sales invoices, purchase invoices, bank statements, etc.
7) Keep your cashbook updated regularly. Use free online software if easier.
From the above, it is clear that just making small changes to your admin / filing and record keeping can cumulatively make a massive difference to the overall quality of your management accounts, all without the stress of incomplete records and numerous queries from your accountant, not to mention unnecessary fees!
Should you have any questions on the above bookkeeping hints and tips, please feel free to contact us.