Say goodbye to paper!
Say goodbye to paper in 2021 as you take your bookkeeping digital. The last thing you want to be known as is a ‘shoebox client’.
The good news is, it is simpler than you think!
Good practice to keep track of your general accounts is to apply the same principles for your trust accounting to your general accounts.
First things first
Get your folders sorted.
We recommend setting up one folder for the year. This yearly folder contains 5 subfolders.
5 bookkeeping subfolders for ultimate efficiency
- ATO
- Bank
- Employee (payslips/ leave requests and doctors certificates)
- Insurance
- Reports
Staff forms can also be completed digitally. You do not need to have staff print & sign contracts, employee forms, super or even tax file declarations. As mentioned in our Digital Trust Accounting blog, Adobe sign can help to digitally sign these documents.
Keep your legal, insurance and employment contracts in a separate folder outside of the yearly folders. This will save you from needing to click through multiple folders to find the information you need.
Bookkeep Like a Pro
One of the greatest things about going digital with your bookkeeping is HubDoc. If you have not heard of HubDoc, oh you are in for a treat!
First off, HubDoc is free with Xero. So it’s a win already.
Secondly, HubDoc alleviates the need to keep every single paper receipt. You simply take a picture of your receipt, upload it and off it goes into HubDoc where it will seamlessly match up with your expenses feed in Xero.
No more carrying around receipts. No more photocopying receipts before they fade. No more scurrying to find a receipt when it has gone AWOL. You can download the nifty app and do it on the go. Pop in your fuel receipt before you drive away from the bowser!
Ask your bookkeeper to set it up for you. It truly is a game-changer.
Also, take note that Xero also connects seamlessly to some trust accounting software so it is a wise move to check this first!
A final tip!
Backwards dating your documents in YYMMDD order makes things easier to find when you’re searching your cloud storage. We have discussed the importance of saving chronologically previously.
Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 23 years’ industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.