Starting a new business is an exciting and scary time all wrapped up in one. We have been there too! But many find the financial side of running a business one of the most overwhelming and hardest part.
Follow our 5 simple tips to make sure that you get off on the right foot and keep your books in order.
- Get advice right at the start
Invest in some advice right at the beginning so you can make sure your have covered the basics and ask as many questions as you can. Choosing the wrong business structure for example can cost you thousands later down the line so its well worth speaking to a professional.
- Open a separate bank account
Even if you choose to be self-employed and do not have to legally have a separate account it is well worth it. It is important to be able to see clearly and quickly exactly what money is coming in and going out. If you have these business transactions mixed up with your personal finances, it can make it difficult to keep track.
- Little and Often
We know that there are far more exciting things to do in your day than sorting out your business accounts but if you tackle these an hour at a time once a week it will be much easier to manage and won’t be such a huge task to complete.
- Make use of accounting software and apps
There are loads of apps and software out there for just a few pounds that makes staying in control of your finances much easier. Use them! It will save you heaps of time and can do a lot of things automatically for you.
- Ask for help
Traditional accountants are becoming a thing of the past and most accounting professional can offer business advice services helping you to maximise profit. It can pay dividends so invest in the advice and support.
We have developed a whole range of services specifically designed for new businesses helping you to understand your business accounts and make the most of them.
Our next half day workshop is being held in November where we will share as many hints, tips and key ‘how to’s’ to make sure that your business starts off in the best way possible! Make sure you are on the waiting list by getting in touch with us today!!
Telephone: 01778 338049
Message us via our Facebook page @Cedar House Accounting