Running your own business has many plus points – not least, you get the flexibility to work at times that suit you and your family and you don’t have to answer to anyone else. But there are some things that you need to get right to stay within the law – one of those is your accounts.
If you’re starting up a business, the government provides advice, guidance and templates that you can use.
Here are some other great tips that will help you keep on top of your business accounts
Set Time Aside for Accounts
It might sound simple, but allocating, and sticking to, a set time each week to keep your accounts in order is a great way to stay on top of things. It’s easy to get sidelined with the actual day-to-day business, and before you know it the time has come to file your accounts and you’ve got a mountain of receipts and invoices to wade through.
Keep Your Cash Separate
It’s a really good idea to set up a separate bank account so that your business’s incomings and outgoings aren’t mixed up with your personal expenditure.
Use Specialist Software
There are a multitude of software programs on the market to help small businesses quickly and easily manage their accounts. Most will offer a trial so that you can see how you get on with them before you decide to sign up.
Get Someone Else to Do Your Books
Many businesses find it easier to get an expert in to do the job for them. This allows you the time to concentrate on growing your business, safe in the knowledge that your accounts are in good hands.
Should you prefer to get an external company to help keep your books in order and are looking for Bookkeeping Services in Gloucestershire, companies such as KNG Business Support can help with your bookkeeping requirements.
You are required to keep accounting records for five years, and it’s worth keeping everything that relates to those accounts too – for example, invoices receipts, bank statements, receipts, payroll records, VAT returns and self-assessment information.
Even if you outsource your tax returns and accounts filing, you’re not completely off the hook. You still need to understand your obligations under the law to stay compliant.