Bookkeeping Help For Kingston upon Thames Start-ups
Although bookkeeping is not an attractive concept for many would-be entrepreneurs, it is nonetheless important. As well as being a requirement of the law (financial records should be kept for six years), proper bookkeeping can give you a better idea of your business's financial performance and cashflow.
You can choose to do your own bookkeeping, or you can outsource to a professional. If you decide to do it yourself, the key to painless bookkeeping is a good system.
A simple bookkeeping system consists of:
- a sales ledger, for recording money received and amounts still owed
- a cash book to record money flowing in and out of the business
- a purchase ledger to track outgoing costs
- a wages book, for details of salary payments and National Insurance contributions
Alongside these you will also need to:
- keep cash purchase receipts and invoices for business expenditure - e.g. utility bills, bank and credit card statements;
- keep payroll records for any employees
- if you're registered, keep VAT records
- complete paying-in books and chequebook stubs
Records can be kept on paper or computer spreadsheets, but many businesses now prefer to use dedicated book-keeping software to monitor their income and expenditure. Our Kingston upon Thames-based advisers would be happy to advise on the most appropriate system for your business and train you and your staff if required.
Managing your own books can be an onerous task, and businesses often find it a challenge to keep them up-to-date on an ongoing basis. Start-up business owners often have to spend hours 'doing the books' in their free time, particularly during the early stages.
Although it may cost more than doing it in-house, outsourcing your bookkeeping will give you valuable time to concentrate on the other areas of your business. It also means that your books will be compliant with the law and there will be fewer errors. Furthermore, your accountant will be on hand to resolve unexpected problems and provide advice on issues such as cashflow.
Whatever approach you decide to take with your bookkeeping, we can advise on the best solution for your start up Kingston upon Thames based business.