Sunday 25 July 2021
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A Guide to Small Business Accounting

Starting a business requires a whole lot of skill sets, plus a never-ending supply of enthusiasm and determination, and for many entrepreneurs, the accounting side of their business is neglected, which can cause many problems. Whatever else you do, do not think that your books can be left until you near the end of your first trading year, as this is a recipe for disaster.

Start as you Mean to Continue

Sourcing an experienced accountant that deals with SMEs will ensure that you have a bookkeeping routine established from day one. This might be daily or weekly, and it involves creating and updating spreadsheets, which record all business transactions, and with affordable accounting services in Maldon, your business records will always be up to date.

Make Good Use of Business Software

Using the right business software make things much easier, with programs that offer:

  • Spreadsheet creation
  • Report templates
  • Graphs and charts
  • Cash flow forecasts

Numbering all your receipts will enable your accountant to quickly determine whether your accounts are accurate, and the less time they spend on your books, the cheaper their services.

Keeping your Finger on the Pulse

Without daily updates to your accounts, you will have no idea how your business is performing, and should you be losing money, the sooner you become aware of that, the better. Don’t make the mistake of thinking your accounts can wait until the end of the financial year, as this will certainly lead to problems, and by setting up a meeting with a local accountant from day one, he or she can set up a routine for you to follow.

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