Tips for Success in Accounting

In accounting, bookkeeping and financial management

Learn important principles

Make sure you fully understand the important principle of double entry book-keeping. It's simple really. However, learning this principle causes a lot of grief for many people.

Be extra neat and tidy

There is no doubt about it, untidiness in accounting causes errors. Write figures carefully. People tend to make mistakes in working with figures if they have messy handwriting or lack discipline in preparing financial documents.

Set out your workings so that you, and any one else, can clearly read and understand what you have done.

Double-check continually

Take an extra 5 seconds to check and double-check every move, everything you do. Continually ask yourself "Did I read that figure right?", "Did I write the figure correctly?", "Did I put the figure in the right place?". It is much easier to check as you go to avoid errors, than race ahead and then have no idea where to look when things go wrong.

Be methodical

As any bookkeeper knows, you have to be very methodical when working with financial management systems. You have to ensure that all financial transactions are recorded, all money is banked, all accounting books are kept up-to-date, and all records are appropriately filed. If something goes missing or you forget something, it will likely cost you large amounts of time.

Therefore get good a developing and keeping to a routine way of doing things. Sorry folks, but that's just the way it is.

Don't mess with the law

There is a lot of legal formality in accounting. If it's your responsibility to manage the accounting and financial management systems of an organisation, then you will have to deal with laws in regard to employment, taxation, and statutory reporting.

You will find the website of the Australian Taxation Office (ATO) very helpful. Furthermore, the ATO produces many publications to help you learn what you need to know.