8 Steps for Best Bookkeeping Administration as a Self-Employed

An organized administration is the first step toward gaining insight into the financial health of any business. Everything is conveniently accessible. You can keep a personal administration on your computer, backed up in the cloud or in a physical and well labeled folder. A combination of data storage options is also encouraged. It is important that you know where and how to access your business information at any given time. You must be aware of where everything can be found. With a good administration you have valuable information to navigate your company to success.

The following are some factors to put into consideration in setting up your business administration.

• Set aside time per week for administration: go through your posts, documents, letters, and emails. This gives you a decent understanding of areas where action is required. Paying, reviewing, responding, saving, and tossing away is all part of keeping track of your administration. 

• Register to receive all Dutch government letters digitally via MijnOverheid if you have not done so already. As soon as there is a report, check the message box of mijnoverheid.nl and other service providers (for example, from the energy supplier, telephone and internet provider, and insurance company). Install the app from the mijnoverheid.nl message box on your phone as well so you get notifications each time a new message arrives in your mailbox. As a result, you will be able to view incoming messages more quickly.

• Make a list of where you keep critical documents such as contracts, agreements, warranties, and policies. The Nibud storage guide (NibudBewaarwijzer) in Dutch assists you in keeping track of critical papers in an orderly manner, as well as where to keep important documents and how to receive communications from authorities.

• Maintain an external hard drive and backup your computer files on a regular basis. such as Google drive, iCloud, Dropbox, oneDrive etc. The data will never be lost, and you will be able to access it at any time from any location.

• Keep personal transactions separate from business transactions.

• Open a separate bank account for business transactions.

• Review your bank statement at least once a week. Go over the transactions of both debits and credits including bank charges
  and ensure that every item on the statement can be recognised by you. It is handy to install the bank’s mobile app on your phone so you can easily look through your bank statement.

• Keep all record for a minimum of 7 years and 10 years for immovable assets.