Sending and receiving invoices, managing the archives, general bookkeeping, VAT, the whole deal up to and including annual reports, forecasting and budgets.
Basic accounting was part of my education, but the practical work differs a lot from what you learn in school. I had to learn everything hands on, trial and error sometimes. I did basic accounting for seven LTD’s and a holding structure for five years, from 2014 to 2019.
Patience is a virtue
That is something I learned over the past years, patience and precision. There are not really any shortcuts. If you do you work steadily, patiently and precise, it actually saves times in the long run. We generated the annual reports ourselves, the accountant just checked them. So every mistake I made during the year, every shortcut I took, I ran into it with annual reporting. That is one way to learn to take more time in data entry and work precise. Otherwise you can do everything all over again, and once you are generating annual reports, you don’t have the time to spare.
Patience is a virtue.
Take time for the basic data entry, that saves time in annual reporting.
Coffee is important, it is the life blood of accounting people.
Everyone makes mistakes now and then. Check everything.
Accounting is just not very exciting (compared to sailing, for instance).