The following are some basic tips that can help you get by;

Learning basic terms should be your first task. This will serve as a foundation for you. Terms like cash accounts, ledger accounts, accrual accounting, balance sheet, cash flow, credit, debits etc. Once you familiarize yourself with these terms and they no longer appear strange to you, then you will find other basic accounting practices easier to deal with.

The next thing you want to do is set up a financial period for yourself. You need to be able to assess yourself per time to be able to know how you stand and also to plan. It goes without saying that if you don’t know where you are, you may not understand how far you have come, talk more of where you should be heading.

The easiest of them all is try the shoe-box approach. This method entails you keeping virtually every piece of paper in forms of receipts, bank statements and all forms of proofs of financial transactions. At the end of a month, you will be able to compile them, then you can make use of regular software like Microsoft Excel to tabulate your finances within the window you have set for yourself.



READ MORE: https://nairametrics.com/book-keeping-tips-for-start-ups/


Cc:@lalasticlala