Any successful business should have a proper accounting or bookkeeping system, particularly basic bookkeeping and accounts for self employed construction workers. Every transaction should be recorded and all supporting documentation should be kept as evidence. This evidence should consist of any transaction done such as purchases, cash and sales items. The ability to be well organized would add great advantage to this. All records should be kept in a safe place for a number of years. This varies from state to state, therefore you should obtain the correct number of years for your state.

Some primary documents are the sales invoices. These sales invoices should be recorded in a sales ledger. A proper debtors and creditors check should be done frequently to ensure you are not overspending and receiving all payments on time. Sales invoices should be recorded daily to also enable you reconcile stock availability.

Small businesses can keep a very basic system. Bigger companies will however require a sales register to keep up with daily sales. A more sophisticated software system covering all accounting aspects will be necessary. An accountant should be employed in order to monitor every transaction with precision. Sales invoices serve to document all transactions between the company and the different customers.

Purchase invoices are also considered an important document. Purchase invoices are the documents the suppliers will forward to the company. For taxation purposes, it is essential that these documents be kept in a neat, easily accessed and safe filing system. Bigger companies on the other hand will need a more sophisticated system to keep track of all transactions. A purchase register will keep record off all accounts that needs to be paid.

Cash transactions and bank transactions would be the majority of transactions. Receipts would there for be another prime document. This can be bank deposit slips or till slips. This could be recorded separately from the other prime documents in a small business. As proof of all transactions, you should keep this evidence safe. These documents can be a point of reference when you need to refer back to something. When withdrawals are made, the cash receipts should always reconcile with this.

It is essential that bigger companies use codes to identify and record receipts in the sales register or ledger. This ensures that any outstanding payments are there for the viewing. A basic accounting system for making single entries will suffice for smaller companies.

However, a basic bookkeeping system for single entries re suited for any small business. The owner, for cost saving purposes, could do these tasks. Ensure every document that is sending out to a company is accurate. Provide dates on which accounts should be settled and where payments should be effected.

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