- Record all your expenses:

This include receipts, invoices, quotations and other paper-proof documents.

- Anytime you receive funds from a customer or client through a corporate bank account, and the client requests for a part of full refund, ensure you return the funds using the same bank account/medium it was used to receive it.

-Don't receive funds from into your corporate bank account from those you don't have business relationship with. Don't receive funds on peoples' behalf.

- Track your business figures :

This could be done either in soft or hard form. You can either input them on an excel sheet (soft form) or get a diary (hard copy). Remember, once it's not documented, then, it's considered not done.

- Bank statements :

Always ensure to put proper narrations after making any bank transfer. This should also apply anytime you're on the verge of issuing payment cheques for services rendered to your business. Just scribe some wordings on the cheque stub.

Wordings like "Payment for Rent" and " Transfer for vehicle Licence " will give your accountant less stress during accounts reconciliation or preparation.

- If your business is heavily cash based, you can inform your cashier to always tell the bulk teller at the bank to give proper narrations to all your transactions.

Narrations like " Cash Sales for Monday 30/07/2020” and "Deposit from Aunty Shade of Ijora photography " would be helpful to your business

The banks on their part should on work their USSD and other related payment platforms in order to make it possible for customers to insert narrations while effecting transfers.

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Happy weekend