How to keep your accounts in order

/ Posted By - Bradleys Accountants / Categories - Advice for Small Businesses

As a small business owner, managing your accounts may be the most difficult part of your job. Next to the freedom of being your own boss, tracking your expenses and managing outgoings may seem tedious. However, it’s an integral part of doing business – it’s what determines your success, whether your company lives or dies. Managing your books, and managing them well, is what makes a small business thrive.

It’s not an easy task, though. Utilise accountancy services to ensure it’s done right. In the meantime, there are a few things you can do to maintain your finances and assess your business’ overall health.

Check your bank transactions

Start by getting in the habit of routinely checking your bank transactions. Knowing where your money’s going, who’s been paid, who hasn’t paid, and how much you’ve spent is crucial to running a successful operation. Check your outgoings at least once a week.

Record your outgoings

Furthermore, record your outgoings as they happen. Collect receipts. Get a smartphone app that tracks expenditures. Stay on top of the situation so spending doesn’t get out of hand.

    Subscribe to our newsletter

    Manage your bills

    Next, manage your bills. Ensuring you’ve paid suppliers on-time will benefit your B2B relationships as well as your accounts. By providing an accurate picture of your overall outgoings, proper bill management will help prepare you for any unexpected expenses.

    Update your invoices

    Update invoices regularly – after all, they determine when you get paid, and how much. Since staying up to speed on the status of invoices can be difficult, specialised software can help make this process much easier. Additionally, invoicing programmes can be used to update clients as well. Streamlining the invoicing process can help make your business more profitable and create a steady flow of income.

    Assess your projects

    Similarly, assess your projects to make sure they’re earning you enough. Don’t wait until a project has finished to do this. Instead, conduct regular checks throughout the process to make sure spending is on target.

    Employ a certified accountant

    Finally, trust certified accountants to do your book keeping for you. You’ve got enough to get on with – let the trained experts manage your finances so you can spend your time managing your business.

    Related Articles

    What is spend visibility?: Strategies for improving…
    | Advice for Small Businesses

    Did you know that only one in ten UK finance decision-makers has complete spend visibility … Read more

    Breaking down the SEIS/EIS risk-to-capital condition for…
    | Advice for Small Businesses, Business start-ups

    The SEIS/EIS risk-to-capital condition is a relatively new entrant to the SEIS/EIS investment checklist, introduced … Read more

    How do I raise funds for my…
    | Advice for Small Businesses

    Starting a small business is an exciting and arduous journey. There is never a dull … Read more


    Subscribe to the newsletter

    Know about latest accountancy updates, company news and business growth tips. Every month, in your inbox

      Subscribe to our newsletter