Finance is a pain for anyone, especially when you’re keeping track of the spending within your entire company. It’s all too easy for things to slowly get on top of you and before you know it you’re missing cash and are stuck with a sizeable pile of invoices to sort through. With the right organisation and knowhow you can do your accounts relatively hassle free. There are a few things you should remember in order to stay on course which will be discussed below, as well as mentioning some handy tips and tricks to help you on your way.

receipts for accounting

File All Your Receipts

It sounds like a no brainer, but there are still a number of businesses out there that fail to keep track of all the company expenditure. The main reason for this is because some businesses fail to keep track of all the small expenditure, and over time all the small things add up to a bigger issue. You should always hold onto all receipts for all purchases made by the company both big and small, plus you can claim back VAT on a large number of your purchases so it is worth putting in the effort.

Take Advantage Of E-commerce

Online stores and auction sites are a good way to keep an eye on your pennies. They keep a record of all purchases and purchase information, thus making it a lot easier to access than trawling through receipts. You can also use PayPal as a quick and easy payment method for most stores, and they too keep detailed records of all the money going in and out of the account. Not only this, but online shops tend to be cheaper than high street retailers.

company petty cash

Limit Your Petty Cash

Not many people think too much about the little purchases that are made day to day, but if you find that your petty cash tin is always a bit bare then it may be time to put a limit on the money you put in it. Not only will this help curb unneeded spending but if more money is needed it will need to be approved first. This can be harder if your expenses are usually paid by card, but as long as you put someone responsible in charge of it then your money should be safe.

Keep Pins & Passwords Secure

As much as people may need these details occasionally it’s always a wise choice to limit the number of people who have access to the accounts. If put in the wrong hands you could find yourself short when a colleague pays for something without permission. Worse still, they could have those details stolen from outside of the company, leaving you with a bad case of fraudulence. No more than two or three people should have this information and should all be held solely responsible if things go wrong.

For more hints and tips on money saving in the office or to find more information about business finance why not have a look around online.