Vitally important that small businesses keep up-to-date records and take good care of bookkeeping. So, we are going to offer some tips and advice on how best to do this and avoid future problems.
- Use the same Accountancy Practice to do all your accountancy, payroll and bookkeeping
There are valid reasons for this. Firstly, your accountant should have an exceptionally good knowledge of your business. Your Accountant can take full responsibility for managing all your bookkeeping and accounting and deliver a fully inclusive solution at a very affordable price. By taking charge of everything your accountant can ensure that you are worry free from all the admin and bookkeeping headaches. Keeping everything in one place makes perfect sense and will be cost effective. Check out our fees for a fully inclusive service. https://taxcompute.com/limited-company-all-inclusive-accountancy-bookkeeping-packages/
- Keep a separate bank account for your business
This keeps your personal and business transactions separate. Simplifies bookkeeping and ensures that there is no need for reconciling personal vs business spending. This will save time and money and your books will always give a true and fair indication for cash flow and management reporting. Make sure that you always pay all business bills from your business account and all personal bills from your personal account. Read our blog on how your Accountant can help you. https://taxcompute.com/4-things-your-accountant-can-do-that-isnt-your-tax-return/
- Cloud Bookkeeping
Essential that you adopt cloud bookkeeping. We recommend that you use Xero. Our all-inclusive package includes free Xero software. We are silver status with over 100 of our clients using it. By using Xero, you can ensure that all invoices, business transaction, payments etc… are maintained and easily accessible. You also can run monthly management reports to help you understand how well the business is doing. Check out our website. https://taxcompute.com/cloud/
- Keep on top of cash flow
Always invoice your customers in a timely manner. As soon as the job is done get the invoice out. Use Xero to invoice customers and keep it up to date. By doing this you can run Xero reports on outstanding invoices so you know which customers are late in paying. Read up on our blog where Accountants can help in post pandemic.
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