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19 August 2020

Don’t treat your bookkeeping like your laundry!

This is a phrase I read recently which I think really sums it up!

Bookkeeping is like doing the laundry. It’s something most people don’t like doing. If you ignore it for too long you’ll dread it even more and end up spending the whole weekend making your way through the pile.

Keep on top of it by putting aside a set time each week and stick to it. And remember, spending 20-30 minutes doing something you dislike is bad enough but having to spend an entire day or more catching up is unbearable!

 

Get your head in the cloud

If you’re a small business owner and not already on a cloud accounting system such as Xero then we strongly suggest you should be.

Whether you are at the office, home or even on the road, your financial records are accessible when you need them most with cloud accounting.

That means doing your bookkeeping is quicker and easier saving you time.

 

Separate business and personal

While this might seem obvious to some, many entrepreneurs don’t create separate accounts until things get irrevocably intertwined.

To make your bookkeeping easier, make sure you have separate bank accounts and credit cards. This way, you’ll be able to quickly track how much you’re spending on your business without it getting muddled with how much you spent at the bar (we can all wish!) last weekend.

Always carry a personal card and a business card with you as you never know when you’ll need to pick up something for the business and vice versa.

 

Streamline your processes

Whether you do your small business accounts on a spreadsheet, or a cloud accounting platform like Xero, there are lots of tools available for automating and streamlining your processes. From electronically capturing purchases, tracking expenses to managing your cashflow, there are options for all small businesses to benefit from a more manageable bookkeeping routine.

 

Know your limits

Bookkeeping is just data entry….isn’t it? Well actually, no.

Complexities around bank reconciliation, VAT legislation, prepayments, accruals, HMRC requirements and much, much more, often mean it can be difficult and time consuming for small business owners.

The key is to know how much you can do and when to call in an expert.

At Your Support Team we tailor our services to meet your needs. You can do as much or as little of your bookkeeping as you want and we can pick up the rest. If you’d like to find out more get in touch at info@yoursupportteamltd.co.uk.