As a start up or small business, numbers mean the difference between success and failure. Managing your cash flow as well as your overall costs is key to ensuring your great idea turns in to an even better, sustainable business.
Once you are up and running, managing your accounting is vital – not least for yourself in terms of managing your business but also to be sure you are ready for the tax man – having the information at your fingertips for your self-employment or company tax return.
Thankfully, there are a number of options available to help you:
1. Excel spreadsheets - certainly the cheapest option – but possibly the most fraught with danger! If you are financially minded and have a fairly simple business then you may be able to manage it with Excel spreadsheets but as your business grows and becomes more complex you may find the need for specific accounting software
2.Free accounting software packages – such as GnuCash, Turbo Cash or Wave – these are pieces of software which you download onto your computer or access online and allow you to track bank accounts, stock, income and expenses as well as produce important reports including Balance Sheets, General Ledgers, Aged Receivables and Aged Payables to help you manage the financial health of your business
3.Paid for packages - such as Sage, Xero, or QuickBooks - with packages starting from £5+VAT per month, these online systems allow you to login anytime, anywhere on your Mac, PC, iPhone or Android. Depending on your package, features include feeds from your connected bank accounts, online invoicing and apps to manage inventory, timesheets etc so it’s worth thinking about what you might use to ensure you are only paying for what you really need. They all offer free trials giving you a chance to see if it could work for you and your business
These are just a few of the options available and the most important thing is to decide which one is right for you and your business. Our Finance and Bookkeeping VAs Tracey and Keren are on hand to manage your bookkeeping for you, allowing you to get back to what you do best – growing your business.
Please give us a call on 01483 332220 or email us at firstname.lastname@example.org. We pride ourselves on being the staff you don’t see, but the difference you do.