It’s week 11 of our countdown, and this week we’re discussing why your business needs a Business Management System. [Read more…] about Week 11: Business Countdown
Christmas Countdown - 12 weeks to improve your business
That’s right – this week marks the beginning of our 12-week countdown to help you make a difference to your business by Christmas! If you haven’t seen our 12-week planner yet, then you can download it here.
It might seem like a lot to do but don’t worry, Hour Hands has it covered. Our weekly series of tips and tricks will ensure that you hit all your targets stress-free.
Week 12: Set up a cloud-based bookkeeping system
Let’s face it, many people find bookkeeping to be an extremely arduous task, and it can be difficult to know where to start. If you’re drowning in a mountain of receipts, or struggling to invoice clients when you should, then it’s time to get on top of it. Here are the Hour Hands hints and tips for taking control.
Keep proper financial records
Keeping good records is the key to staying on top of your accounts and managing cash flow. You’ll need to keep track of all payments coming in and out of your business account, to understand exactly what and where you’re spending, and help you forecast future cash flow.
You should also keep track of all your invoices so you know who owes you money, how much, and when it’s due. Store each invoice in chronological order and note on the invoice when it’s been paid.
Keep all your receipts
Make sure you get an invoice or receipt for everything you buy for your business, and file them using a logical system. If you’re audited for either tax or VAT, you’ll be able to find everything you need quickly and easily.
Remember it’s not personal
It’s vital to keep your personal and business finances separate so that your accounts are clean. If you run a limited company, the law prohibits you from using the money in your business for personal expenses.
Upgrade with your business
For a small business starting up, a spreadsheet is often enough to keep track of your records. As your business grows, and especially once you become VAT registered, it’s time to switch to a cloud-based bookkeeping system. The packages we use most frequently are Quickbooks, Xero and Kashflow.
There is no denying that bookkeeping takes a lot of time, so outside help can be a lifesaver. A good accountant can often save you more money than they cost, so it’s a wise investment. However, you’ll still need to prepare the paperwork and ensure it’s all in order before you can pass your records to the accountant.
If this still sounds like too much work, and your time is better spent elsewhere, then Hour Hands can do the hard work for you. Check out our case studies to see how others have benefited from our business support services, or contact us to find out more.