Book Keeping For The Small Business
When an individual takes the plunge and starts their own business they usually have
a passion for what they do and the talent and knowledge to be good at it. No matter how good the entrepreneur is though, there is an area that takes some time and work and should never be neglected. This is book keeping.
Book keeping allows a record of all financial transactions to be kept.
There are various organisations that will need your records and of course the tax man is the first one that springs to mind. Each year you will need to complete a tax return and this is impossible without keeping track of finances. Even if you ask an accountant to do your tax return he or she will need some form of book keeping records to be able to proceed.
If you ever need to enlist financial support from your bank manager then its highly likely that he or she will need to see your historic records and future projections.
Your records can be applied to useful calculations. They can show you how buoyant you are in terms of cash flow, what profit margins you are making and many many more.
In a nutshell, you could be the best at your own skill or trade in the universe but if you do not keep your books up to date then you are risking losing your business. Its crucial to do some form of book keeping so lets explore this.
If you are unsure of what you need to do then in the United Kindgom the first port of call is Business Link. They will give free telephone help and furthermore run workshops which are totally free of charge and will teach you what you need to know.
Secondly the tax office in most areas attempt to make contact with new businesses by way of offering support. They will offer help on the telephone and have a number of publications and websites which offer help.
Thirdly enlist the help of a book keeping business that targets small businesses. They will usually understand any problems you have had especially if you have let the book keeping fall by the wayside, and are now panicking about how on earth you will be able to complete your tax forms.
You may be surprised to discover that you do not need to invest in sophisticated software, an office person, or expensive filing systems. A good book keeper will set up a simple system that works for you. It may be a simple as a spreadsheet whereby every transaction amount is entered, and type of expense is simply clicked on.
If you have neglected your book keeping and need to do a tax return my advice to you is find an understanding company. Some will be happy to get involved and see the sorting out and catching up as part of their core services. Other firms may not offer this service at all. If you for see any delay then contact your local tax office and explain your predicament. It is always better to be honest and open with the tax office.
Once your book keeping company has got you up to date and has introduced a new system to you that works for you as a person it is so important to make sure that you put a little time aside each week. Even an hour every Sunday evening will be enough to keep on top of most business finances.
by: Suzy Powell
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