Common Book-keeping practices
The best book-keeping practices help you manage your business. The following are examples of common book-keeping practices:
1. Set up a chart of accounts that best keep track of all your book-keeping information.
2. Balance and record daily sales and cash receipts.
3. Reconcile your bank account.
4. Closely watch your accounts receivable from customers.
5. Pay your bills accurately and on time.
6. Set up sales and revenue targets and monitor your progress closely.
7. Budget for your expenses and compare your performance to the budget regularly.
8. Watch for unusual changes in sales or expenses.
9. Monitor your gross profit closely and make any necessary pricing or purchase decisions.
10. Take care of slow-moving inventory.
11. Take physical counts of your inventory and compare to your book-keeping records.