Accountancy is a key part of keeping your business running smoothly, but it can be a complicated process as your business grows. But, with these five key tips, you can ensure your business finances run as smoothly as possible!
1. Get a business bank account
If you don’t already have a dedicated bank account for your business, you should get one as a matter of priority. This allows you to easily keep your business finances separate from your personal ones, which ultimately makes it much easier to get accurate financial figures to work with. You can set up a business bank account in minutes, and it should be your first step.
2. Get into a regular routine
Routines, good or bad, will determine the way your business approaches finance. Get into the habit early on of processing your receipts and payments as soon as possible, and ensuring that everything is logged in a logical fashion. Problems arise when you begin to put things off, as it just becomes a bigger job the longer you leave it. Form good habits early, and reap the rewards long term.
3. Be aware of tax
Understanding tax and VAT can be a sore point for many business owners, but it’s essential that you have a working understanding of what your obligations are, and when your deadlines are approaching. An accountant can help you with the specifics, and to make the most of new digital methods of tax collection to free up more of your time. Tax mistakes are always expensive, so should be avoided at all costs.
4. Make the most of the help available
There is a range of options available for new businesses that can help you get off the ground. Take some time to research what sort of grants and funding your business might be eligible for – for example, a New Enterprise Allowance, or a Start-Up Loan. These resources are designed to give small businesses a helping hand and can form an integral part of your plan of action to achieve consistent growth.
5. Get the assistance of a professional accountant
It’s never too early to reach out and retain an experienced accountant, even if your business is less than a day old. An accountant can help you with all four of the aforementioned steps, and can ensure your business has the financial systems in place to brace yourself for growth and expansion. Accountancy is a scalable service, so is always surprisingly affordable given the ongoing benefits it offers.
Something else for you to consider in conclusion is that all of these tips will work for you, but you have to start implementing them immediately. There is no “tomorrow” where your business is concerned, only today, and starting to use these tips as soon as you can start providing immediate positive results. Through simplified accounting, your business has a clearer path to growth, and Woodville Accountancy can help you to achieve it.
Contact us today.