sort-bills
We want to get our business bookkeeping done. To save our costs we want to partly sort the papers ourselves. Can you provide some practical sorting tips?
Best way to sort bills: Some of our customers keep sorting bills by month. This is unnecessary unless we are doing your accounts payable (AP). We do not do AP for most of our customers. For taxation, businesses are accounted just yearly and the month or day of transactions matters little. To really help us, sort your bills by method of payment (MOP). Each bank or credit card account is a MOP. Two bank and three credit card accounts mean a total of five MOPs. Good business managers use just two MOPs, one bank and one credit card account. Moreover, when paying bills, write coded payment information on each bill, e.g. ch197 for check # 197 and VI for Visa. Cash is another MOP. Good managers rarely pay bills with cash. Properly sorted bills increase accuracy and decrease the cost of your bookkeeping.