If you are in the planning stages of setting up a new business, there is a lot to consider of course, and one thing you don’t want is to get behind with your bookkeeping. Even before you start trading, you are racking up expenses and they all need to be recorded, which means you need to set up a bookkeeping system that is easy to follow.
Here are a few Bookkeeping tips to help you keep track of income and expenditure.
- Approach a local accountant – Eventually, you will have to file a tax return in Stourbridge and a local accountant can set up a simple bookkeeping system. This avoids any issues later on and with a system in place, this will very quickly become second nature; it only takes a few minutes to open a few Excel files and enter your daily income and outgoings.
- Cloud-Based Data Storage – Migrating all of your business data onto a secure cloud network means you can access your data from any location using any digital device. This means your accountant can access the data he or she needs without even leaving their office, saving the account time and you some money.
- Set Funds Aside for Taxation – You should start a slush fund that will pay your tax return when the time comes. The worst thing that can happen is for your tax bill to come in and you don’t have the funds to pay it.
We advise you to make contact with a local accountant from the very outset, as this will ensure that your bookkeeping is always up to date.