5 Accounting tips for new businesses
If you’ve recently started a new business, there’s a lot of things you need to consider. To help you get started, take a look at our top 5 accounting tips for new businesses:
Keep your personal and business banking separate
From the moment you start your business you should aim to keep your personal and business banking separate. Setting up an independent business bank account will allow you to easily identify business incomings and outgoings. This will also reduce your bookkeeping time as you won’t have to sort through your personal transactions at the same time.
Good bookkeeping is an essential ingredient for any successful business, not just new businesses. Detailed and up-to-date records allow for better time management and growth opportunities. Even if you are using specialist software or have a dedicated staff member in-house who manages your bookkeeping, you still need to organise your business to make bookkeeping more efficient and accurate (not to mention, easier!).
Make full use of technology
There have been significant advances in accounting software and technology over the past few years. Businesses are now able to streamline their day-to-day finances and speed up the accounting process with automated software which can track, categorise, and generate reports from your income and expenditures. If you need any help or guidance on the best software to use, get in touch and our team can talk you through the best options for your business.
Identify ways to save money
When starting a business, it’s imperative to maintain cash flow and reduce outgoings as much as possible during the initial growth period. Creating a budget is a great way to do this. Making a list of expected costs and revenue and then comparing this to your actual expenses will help you to identify ways to save money.
Use an accountant
Accounting can be a complex and difficult area of business to grasp. A good accountant will not only help you meet all your tax and accounting obligations, but they will also help identify opportunities for tax savings and business growth. We have years of experience supporting business owners – from established companies to start-ups – and we can help you too.
For more information on how we can help support your business and for guidance on establishing your start-up, schedule a discovery call with us today.