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Top Tips: Accounting For Small Businesses – August

19 August 2024 43

We asked Liz Stanley of Stanley Finance Ltd to share some of her wisdom.

Top Tip No. 1

Have a separate bank account for your business. Some businesses legally have to have a separate bank account – do check with your accountant. This makes your annual / quarterly / monthly accounting much more straightforward.

Top Tip No. 2.

Choosing the best software for you can be a minefield. Utilise the free trials before making a final decision. You will see quickly if this is the right software for you.

Top Tip No. 3

Keep your accounts simple.
Don’t try and overcomplicate what is effectively your ins and outs. You are taxed on the profits, if there are any losses these are rolled into next year and offset against next year’s profits

Top Tip No. 4

Where you are a small business, enjoy the flexibility of being able to react quickly. If you have an idea try it and bring it into the business.

If an idea you have doesn’t work in the business, stop doing it. This could be a menu item, new process, sales line – enjoy being able to change quickly.

Stanley Finance provides friendly and local accountancy for sole traders, self employed, ordinary partnerships, LLP, Limited companies.
Contracts are flexible and varied based on what YOU need.