Here are our 7 tips for small businesses.
Keep Personal and Business Finances Separate. - This will save you time and energy later on.
Automate as much as possible. - Using apps such as HubDoc and Dext will save you time when it comes to entering invoices.
Keep Thorough Records. - By Law you have to keep records for 6 years AFTER the financial year the transaction happened it, so that's a long time and it can be easy for it to all get in a mess.
Set Reminders for Deadlines. - When you are busy running your small business, it can be easy to miss accounting deadline and then next thing you know, you are being fined for not submitting your returns on time, so instead, set yourself a remind so that you get it done in plenty of time.
Leave an Audit Trail. - This is especially important if you make any changes as it will save time later on if you have to explain/ work out why a change was made.
Track Business Expenses. - If you purchase something for the company and pay VAT, you cannot claim it without the receipt, so it's important to track your expenses, but also so you have an idea of what is being spent where. * It's also a good idea to review your subscriptions every 6 months and see if you still need to pay for that service
Keep your books at the top of your priorities. - As the old saying goes, look after the pennies and the pennies look after the pounds. By keeping on top of your accounts, you are able to then make informed business decisions and accurate forcasting.