You may be a little daunted over the fact that you are assigned to do a task that would require you to do bookkeeping tasks in spite of not having any accounting background. It sounds like a very technical task and would seem you to require extensive knowledge in accounting. However, bookkeeping is a relatively easy task and becomes repetitive once you get the hang of it. It only takes basic knowledge of accounting that can be self-taught.
Easy bookkeeping tips
Bookkeeping is a relatively easy task. You can easily master it in time. Here are a few tips on how to sharpen your bookkeeping skills:
- Familiarize yourself with the chart of accounts of the company. You don’t have to learn about all accounts. Every business have different chart of accounts that would best suit their needs. If you are lucky, the chart of accounts of the books that you need to keep is very minimal and it will be so much easier for you to keep track of the transactions.
- Understand the concept of debit and credit. All bookkeeping transactions must be balanced. Otherwise, there is an error in your entry.
- Always check the balances on a regular basis. Ideally this should be done on a daily basis because it will be easier to trace any errors.
- Automated bookkeeping is always easier than manual. You don’t have to pay for an accounting system, you can use an Excel file to keep track of your transactions and balance.
- Practice makes perfect. You may be slow at the start but you will improve as you keep doing this. Transactions are usually recurring so it would be easy when you are already familiar with the transaction.
Here’s a YouTube Video Guide:
Bookkeeping is something that you can learn along the way. You do not have to be an accountant in order to do basic bookkeeping. It is a repetitive process that you can easily master. If you are not so confident with your entries, you can have them checked or verified by an accountant. Since transactions are recurring, you can refer to the verified transactions and just replicate the entries. Soon enough you will become very good in bookkeeping that you hardly even notice it anymore.