We understand that keeping on top of your books can be hard to do when you’re trying to run a business. We have compiled a list of tips to try and make life a little easier for business owners when it comes to managing accounts.

1. Find a software that works for you

There is a wide range of software available on the market which can make it difficult to choose which is best. For some Excel is sufficient; whilst others may need more in-depth packages such as Sage or Xero.
Often the best option is to ask the advice of a professional who has experience using a range of different packages. We are not exclusively partnered with one particular application or programme because we understand that every business is different and therefore has different requirements.

2. Keep your paperwork organised

It is so important to keep your paperwork organised and easily accessible for a number of reasons. Imagine for a moment that a client refuses to pay and it results in a court summons. You will need a paper trail in order to support your case.
No matter if it’s a HMRC inspection or a missing receipt from the petty cash, it all matters. If you want your business to run smoothly and efficiently you must keep your paperwork organised. It’s also advisable that you keep two copies of everything, for instance a cloud backup as well as a hard copy.

3. Hire a good bookkeeper and don’t let go of them

Often Accountants prefer their clients to take care of the bookkeeping prior to their involvement. It is important that your paperwork is processed correctly in order for the Accountant to do their job effectively. Some companies decide to do it themselves but others just don’t have the time or are not sure how.
Sometimes business owners can find it hard to find a reliable, efficient and pro-active bookkeeper. We pride ourselves on having some of the finest bookkeepers in our area and do our best to ensure they are kept up to date and supported. We can also provide training and advice for our customers as we are very much about putting you in control.

4. Don’t leave things to the last minute

Frequently we receive enquiries requesting work to be done immediately due to a deadline the customer had either forgotten about or not realised was due. Unfortunately circumstances such as inspections and year-ends can take time to prepare for and if the paperwork isn’t in order then it can take even longer. Our specialists can frequently be in high demand and so their time is often in short supply if requested at the last minute. Try to keep a diary of important business dates with pop-up reminders. This should hopefully allow you to prepare in time and to schedule in the appropriate specialist for the task. If you’re not sure about dates that might affect you, ask your Accountant.

5. Stay up to date

Whether it’s a new law; pay alterations; or new tax, things change and are updated. As a business owner and/or employer it’s essential to keep yourself up to date. If for instance you paid an employee incorrectly it could result in a fine or even prosecution whether or not you did this accidentally.
Do not fear, there are many ways you can stay alert to changes. A great place to start is to sign up for updates from HMRC. Additionally, if you have a Bookkeeper then they should always be aware of the latest changes and inform you of them as they arise.

6. Be ready to share information

Often your Consultant will ask personal questions about your finance. These questions are not asked in suspicion or meant intrusively. Just like a mortgage lender would ask for personal financial details, Bookkeepers must ask too. Please be open to answer their queries as this can be essential in reconciling and managing your accounts. It also helps them to ensure your business is protected from things such as fraud and prosecution.

7. Attend some training

Training is wonderful way to not only learn how to use your software correctly but also to check you are processing your accounts properly. Our courses vary from the basics right through to advance software training. The courses are designed for both business owners and financial specialists. You can find more information on courses here.

If you feel you need further assistance please do not hesitate to email us at: help@cosbookkeeping.co.uk