Small business bookkeeping is the cornerstone of any successful business.
While you might be adept at customer service and have the right products at hand, it’s important not to neglect your accounts.
Sure, the thought of poring over each and every transaction might seem underwhelming, but a basic understanding of bookkeeping for small businesses could help to revolutionise your company, reduce tax bills and penalties.
It could also help you make more out of your existing finances.
It can be a challenge for many start-up businesses to juggle all the hats you have to wear. From payroll to operations, management to sales.
Keeping on-track with every element of your business can be a struggle even for the most accomplished of individuals. One way to relieve the pressure and keep your company on an even keel from the start is to look at accounting for start-ups.
If you run a business, how to calculate payroll taxes is a key skill to have. Even if you have no employees, you will still need to calculate how much payroll tax you’ll have to pay as an individual.
Here we take an in-depth look at payroll tax, including information on what it is, different methods of calculating payroll taxes and how feasible it is to manage your payroll tax calculations in-house.
As a small business, you most likely have a lot on your plate. Trying to manage your products, services, employees, customers and finances can seem like an impossible juggling act. Often, in the day-to-day operations of a small business, payroll can become a forgotten and rushed task. Below we outline common payroll mistakes your small business could be making.