Tips on using IQ Accounts - optimally
- Don't delay in logging an expense on IQ Accounts. It is likely that you will forget what you purchased it for in the first place. If you log it as soon as you get to the office or home there is no chance of that happening. Better still add it to your paper accounts at the same time so it is done and you won't have to think about it again.
- Add all of your business contacts into the contacts section, this way if something happens to your computer (I am touching wood while I am typing this) or you lose your paper records you know it will be safe on IQ Accounts. Remember you can also access your account from anywhere so if you are out and about and don't have a number you need, just pop into an internet cafe or connect to a hotspot and get it right away.
- By marking off invoices that have been paid you will be able to see which ones you need to chase. Lets face it very few clients pay on time and it becomes easier for one to slip through the net.
- Use the additional notes section within "clients" to keep a record of your communications with them.
Tips on keeping paper records
We have two suggestions for keeping paper records and both work perfectly well, it just depends on your preference.
1) Use a seperate lever arch folder for each year. Inside use dividers and split it into Invoices, Expenses, Purchases and Bank Statements. Use plastic wallets within each section to store the items. You can go a step further and have 12 plastic wallets under each and break it down by month if you wish. For expenses, staple a sheet with details of the purchase to the receipt in order to keep a record of what it was for.
2) Use an expanding wallet/file that is pre-divided. You will need one of these for each year. Mark the divisions with Invoices, Purchases, Bank Statements and for Expenses have the following:
- Employee Costs
- Premises Costs
- Repairs
- General Administrative
- Motor expenses
- Travel and Substinence
- Advertising, Promotion
- Legal & Professional
- Bad Debts
- Interest
- Other Finance
- Depreciation and loss
- Other Expenses
Put your items into these divisions. For expenses, staple a sheet with details of the purchase to the receipt in order to keep a record of what it was for.