What basic book keeping habits does my small business require?

What basic book keeping habits does my small business require?

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It’s always advisable to have certain systems in place for the financial affairs of your business. Keeping a closer eye on the money within your business could help you smooth out cash flow problems or plan for future expenses.

Tracking your expenses will also make it easier to claim back from SARS when you fill in your tax return. No more digging around for receipts, they’ll be on hand.

If you keep a close eye on your invoices you’ll be able to chase late payments and improve your cash flow.

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Eileen Gunn
Eileen Gunn is a business author. Gunn has worked for Fortune and Worth magazines. She wrote Your Career is an Extreme Sport, which takes business and metaphors from risk-taking activities that encourage individuality, focus, and assertiveness, such as snowboarding. It includes tips from her career articles from the Wall Street Journal and a glossary of extreme sports terms.