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Bookkeeping & Good Record Keeping

Why does good book keeping mean good record keeping?

Recently a client approached me with an A4 archive box full of suppliers’ invoices, and a couple of bank statements.


I was just given the box, and asked to record all the transactions – I had no idea of the nature of the business, no opening balances – nothing. I looked through the paperwork and proceeded to find a pattern of transactions.


How good record keeping can save money on your bookkeeping fees


With many years’ experience as a bookkeeper, I was able to work out how many of the payments were made, though it proved to be quite a challenge, owing to the way that the client has been keeping the paperwork, such as:

  • Incorrect cheque numbers were written on invoices
  • Statements marked paid with no amounts detailed
  • Cheques written with no payee
  • Invoice amounts altered by hand
  • Invoices marked paid by cash
  • No record of cash income from sales
  • No record of what the cash deposits into the bank account represent
  • Bank statements missing
  • Cheque books missing
  • Deposit books missing

A simple extra 30 seconds each time the client made a payment would have saved me a few minutes in trying to track down what the client had done. All those extra minutes turn into hours, and turn into increased fees for their book keeping.