As I mentioned yesterday, I had informed a number of clients I would be unavailable Tuesday and Wednesday as I was making time for my accounts (for the business).

After two days of pouring over invoices, receipts, bank statements and preparing a number of payments to go out this week, I offer up this tip if you are using online banking…

It will save so much time in the long run. In my case, I deal with two bank accounts, one as a current account and one strictly for tax purposes - any taxes or VAT owed wind up in here so I can keep track of everything during the year. Given that situation, I transfer funds online between both accounts on a regular basis but it sure helps to use the ‘REFERENCE’ tag if you’re online banking platform allows it.

This comes in the form of a ‘reference’ box, notes, additional info on a payment - make sure you’re referencing and detailing everything. Unless you’re documenting every payment you could be facing a battle when, like me, you choose to go back through months and months of accounts.

Luckily, I referenced *most* payments. The rest seem to be falling into place!

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