ORGANISING YOUR BUSINESS ACCOUNTS
Have somewhere to put your receipts
There are some things you may purchase which can be classed as a business expense. I used to have a bad habit of emptying my purse all over the place and then I was always unable to find all the information I needed. Now I have a little box in the kitchen where I put any receipts I have into. This way when it’s time to go through my accounts everything is where it should be!
Find a system
In the early days, a spreadsheet to keep track of your in and outgoings might be sufficient. However, if you start to invoice people, have more activity within your account or want to be even more organised a cloud-based system such as Xero can be useful. You can access it anywhere from your computer or mobile and it syncs up with your bank account (if you have a separate business one) so you can easily see what’s been happening with your finances.
When I first started in business I used to do all of my accounts at the end of the year. This was stressful as I was working to a deadline, couldn’t find all the receipts (see above) and took a long time to sort out. I would recommend at the start of each month going over your accounts for the last month. Using whichever system you picked from above, enter your outgoings and any money you’ve made. Plus you can keep track of other things you can claim. This way when your self-assessment is due you are ready to submit it – You can even submit it early, there’s no need to wait until the last minute!
If numbers are not something you enjoy then you could also look for a bookkeeper to help you stay organised and keep your accounts in order.
Caroline Towers is a blogger, blogging educator & multi-passionate business owner. She is the founder of The Content Edit. In her spare time she loves to travel, go to the movies, watch sport & drink prosecco!