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Daily routines in bookkeeping

To ensure proper management of your day-to-day business operations you must establish a number of administrative routines.

Which specific routines you need of course depends on your business format.

Register your company´s earnings and expenses

Some crucial routines are connected to your company´s accounting. First and foremost it is important to establish a daily routine in registering your company´s earnings and expenses - you must establish accountability.

Shopkeepers - receive cash

If you receive cash payment from your customers - typically retailers, you most likely need a cash register in order to keep track of the numerous daily payments. But a cash register alone does not do the job.

All retailers have a daily turnover in terms of a combination of cash, cheques, and Dankort transfers (the national debit card).
So, besides a cash register, you must employ a routine of registering the money from it leaves your cash register until it is safe in the bank as well as registering cash disbursements, if any.

In practice, this would typically be a cash account (paper) or a computer based accounting system kept as part of the day-to-day operations.

Companies – receive no cash

Many companies never receive cash payments. They handle all income and expenses exclusively via their bank account. Such companies do not have the same need for a daily registration routine as retailers do, but still they need a routine adjusted to their size and format.

Some examples:

  • A wholesaler (selling to other companies), probably rarely or never receives cash payments. Still, there will be numerous daily order executions, sales as well as purchases. Sales are probably credit sales, which must obviously be registered to ensure that the company recovers all its outstanding debts.

    Such a company is very dependent on a daily accounts routine modified for its business practice.

  • A minor consulting business with no staff, except for the owner, and days or even weeks between the invoicing does not have nearly as urgent a need for office routines than a company with numerous daily executions.
    However, such minor businesses too need proper routines, otherwise the accounts won´t come right.

How do I establish proper routines for my company?

The best to do is to discuss the matter with your accountant before you start up. This is particularly relevant for companies with daily sales and/or purchase operations. They must establish proper routines that are not too unmanageable from day one.

Your accountant is an expert in this field as s/he, besides his/her education, has hands-on experience from numerous other companies to rely on.

You can read more about requirements of day-to-day accounting under Daily transaction in bookkeeping

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