The reality is that a spreadsheet alongside a box of receipts just isn’t going to cut it when it comes to maintaining accurate accounts for a small business. Even if you’re a one-man-band, a sole trader or a micro-business that only has a couple of employees, accessing some form of accounting software is going to be essential in order to keep accurate, up-to-date books.
If you’re a young entrepreneur with a growing business, you are probably aware of the need for basic bookkeeping to ensure all of your financial transactions are recorded and your cash flow remains steady.
Indeed, even simple bookkeeping practices can help you complete a whole host of tasks with relative ease including planning for growth, complying with government regulations, filing tax returns, and much more. Conscientious bookkeeping also gives business owners an advantage when it comes to qualifying for loans.
With the end of the financial year around the corner, you’re probably busy planning for the next one given the prevailing economic malaise. However, there will be significant differences in the way you approach it for 2020/21. As a small business, you may have realised the cushion between survival and collapse is very thin. In this post, we’d like to present some tips to help you plan a budget in a crisis.
If you haven’t transferred your bookkeeping to a digital format and enlisted remote help to ensure it’s getting done correctly, now is the perfect time to do so. With many companies effectively closed down due to the pandemic, and others operating on a limited service, it’s an ideal time to be streamlining your operation and cutting waste. Here we discover four reasons why online bookkeeping is likely to increase your profitability: