Little things business owners can do for their businesses as a checklist:Tuesday, 6 Jun 2023 (Posted 9 months ago)
It is not easy to be a business owner, the amount of responsibility that needs to be taken on a daily basis can be overwhelming, here are some tips to help business owners in the first place;
- Keep business accounts and personal accounts separate.
Separating business and personal finances may help to maintain a clear picture of the company’s cash flow and manage the business in one location. It will help to track income and expenses to grow the business.
- Keep the receipts/take pictures of their receipts after purchasing products for your business.
Taking a picture of receipts benefits business owners. Doing so will provide them more advantages, such as the ability to make the most of the expense to claim. It will also help to reduce tax obligations. Saving business receipts will also promote greater efficiency and transparency with respect to the company’s report preparation at the end of each quarter or the year. This way, it will be able to secure financing with greater ease when needed, manage changes within budgeting, and help the nest egg grow.
- Have a bookkeeper who can keep your books up to date!
One of the key factors in running a successful business is cash flow. Without visibility over the company’s number and profit. It’s mostly guessing whether it can afford to take the next steps to grow the business. While accountants give us strategic advice and manage our tax returns, a bookkeeper plays a more hands-on role in keeping our cash flow under control. Also, as innocent as it can be, mistakes are costly. Not only could we be recording the wrong information but misreporting any income or expenses could land us a fine from the HMRC and leave us paying more than we should. A bookkeeper essentially takes all our numbers, receipts, bills and invoices, and records them correctly into our accounting software. The benefit of having a bookkeeper is that our books are up to date, organised and most importantly accurate.
- Keep company registration details in one place if you need to change anything you know where to find.
Maintaining a statutory company register can use up the valuable resources of the directors of the company. Every company that is incorporated in the UK is legally required to maintain a number of statutory registers at either its registered office or at Companies House.
Most directors choose to keep statutory company registers in a simple loose-leaf binder or a single book. It would be beneficial to keep our registers in one place or digital format. In that way, it would be easy to provide accurate and up-to-date register details when necessary.