Behind every great business is an impeccable bookkeeping system. In order to ensure the growth and prosperity of your business, it is crucial to maintain an accurate account of your businesses financial records. Ensuring you have up-to-date and accurate financial information for whenever it's needed. Especially when making important business decisions that can have an immense impact on your business. Here are a few tips to keep in mind when bookkeeping for your business. 

 

Time management 

It is important to create a weekly routine to ensure you are not backtracking on your bookkeeping. Setting one day a week to input and review the week's activities and transactions. By doing so, you will have a better idea on what your business is spending money, better ways to utilise funds and reduce costs. This will also help in reducing the chances of tax authorities investigating your business and have a better idea of the financial health of your business. Payroll is an aspect of your business that must be done accurately and efficiently in order to pay employees in a timely manner and reduce any discrepancies. If not done correctly it could cost the company time, money, productivity and employees. Small businesses find it easier to receive assistance in this area by outsourcing payroll services to an outside accountant. Utilise our accountants in London to help with any payroll needs!

 

Organization 

This is a key aspect in being an efficient and productive business. Taking accurate account for any and all transactions on a daily basis is crucial. It can be difficult to be organized and have accurate records by using pen and paper. With limited employees and time, businesses have utilised cloud-based software for staying organized and better accessibility to the financial records when needed. In doing so, you will reduce costs and maximize space by not having to store financial records in paper format. It is important to select the best cloud-based system for your business to ensure accuracy and implementation.

 

Creating an efficient bookkeeping system

Utilising electronic format of payment such as credit/debit cards will help in maintaining an accurate account for invoices and expenses. Using cash will make it difficult to track and keep daily accounts of transactions. When doing so, be sure to keep all receipts and paperwork when filing away these transactions. Scanning the receipts and updating them to an online documenting system is a good business practice. This can be tedious and time consuming where the use of a small business accountant in London can come in handy. They will take on the stress of organizing and inputting all invoices and expenses and allow you to put that energy in more important aspects of your business. 

 

Whether you are a sole trader or a limited company, it is imperative to maintain an accurate and up-to-date account of your financial records. An aspect of your business that can be overlooked and neglected. Outsourcing the accounting of your business will help relieve the stress of bookkeeping and ensure the accuracy and sustainability of your business. Taj Accountants can help provide this relief for you and your business. For more information visit our website Taj Accountants. 

 

FAQ’S:

 

What is Payroll?

 

Payroll is a list of the employees within your business who need to be paid. This system can be very strenuous and difficult if a business doesn't have an efficient payroll system in place. 

 

What is a limited company?

 

A limited company is a private company in which the owners assume are legally liable for any debt up to the allotted amount invested in the company.