How to organise your business finances with reporting
Having your business finances organised is important when keeping track of payments, making projections and managing your company.
Separate your accounts
Keeping your business and personal accounts separate will help you track your company expenses easily. This should also help when it comes to managing your taxes.
Organise your finances
Creating reports is a great way to get an overview of your company’s finances and stay organised. Bokio, the totally free accounting solution, automatically generates the following reports:
The balance sheet shows the company’s financial position at a certain point in time — which assets are financed by equity and what proportion are liabilities.
Profit and loss report
As its name suggests, the profit and loss report shows the profit or loss for a specific period.
The ledger contains business transactions sorted by account. This gives you a useful overview of the accounts and transactions linked to the selected period.
Suppliers (accounts payable)
A supplier ledger, also known as accounts payable, is a report containing information on which invoices have arrived from which suppliers, which have been paid and other information about the suppliers. This will show how much you owe to suppliers for goods at any time.
Customers (accounts receivable)
A customer report is the opposite to a supplier, ledger. This will show any outstanding invoices that have yet to be paid to your business by your customers. This report shows assets.
Other reports include:
- EC sales list
- VAT return
Keep track of your finances
Checking in on your reports is a great way to keep track of your finances, but there are other ways to stay organised and monitor the financial state of your business in Bokio. The overview screen shows the turnover and profit and cash flow for your company. Plus, you can get an overview of your account balances and how much you owe for this year’s taxes.
Bokio also has a To do list which lets you know if there are any tasks you need to complete, for example if invoices are due for you to pay, or if you are owed payment and need to send a reminder.
There’s lots you can do with Bokio for free from recording transactions and creating invoices to keeping track of your finances with automatic reports. No catches, no limitations. If you want to give Bokio a try, you can set up your account easily in just two minutes.