Managing your accounts is an important part of running a business that often gets left to the last minute. While it may not be top of your priority list as you aim to get a business off the ground, failing to keep your accounts in good order could result in both penalties and mistakes. Here are some key points when it comes to managing your accounts:
Set up a system
Whether this is a dedicated electronic accounting system or something that you have created, having a system in place will make it much easier to keep accurate records for your accounts. A simple spreadsheet is enough to record your sales and purchases and ensure that your records are up to date.
All it takes is a few minutes each week and you will be able to avoid the last minute panic to get your records in order in time for your accounts to be filed. Set aside time and treat it as part of your working week, not something extra.
Keep hold of everything
Be careful not to throw receipts in the bin accidentally. You might find it easier to take photographs of them to keep electronic records rather than keeping multiple bits of paper.
If you find managing your accounts yourself difficult you could hire an accountant to do them for you. They will be able to take the weight off your mind allowing you more time to work on the business. Find an accountant near you today.