Business Receipts - GM Bookkeeping

Bookkeeping Tips

  1. Are all your business records on computer? Make sure you back the information up regularly and at least twice in different areas e.g external hard drives or USB sticks. If your computer breaks down you could lose everything.

  2. Stay organised and keep up to date with your bookkeeping, commit to preparing them weekly or monthly so that you have up to date information. This is essential for cash flow forecasting, chasing debtors and knowing which suppliers need paying. If you don't have the time then contact GM Bookkeeping.

  3. Use a bookkeeping system that is appropriate depending on the size and complexity of your business. A small sole trader will not require an all-singing all-dancing expensive software system, instead keep it simple and use manual books, spreadsheets or a simple computerised accounting package.

  4. Reconcile your business bank account(s) on a regular basis, to ensure that all business expenditure and income are recorded accurately in your books. It's easier than doing the reconciliation once a year.

  5. Use a business bank account and only use it for business transactions. Keep your personal expenses separate. If needed transfer money from your business account to your personal account once a week/month and record these as drawings. This keeps your business account tidy and saves time so that you don’t have to wade through personal expenditure when preparing your books.

  6. If you are doing your own books, but not sure what you're doing get some training. If your books are not accurate you could face penalties from HMRC for inaccurate record keeping.

  7. Regularly put money aside to pay for taxes and also to cover you for any unexpected business expenses in the future.

  8. If processing your paperwork, reconciling your bank, keeping tabs of who owes you money and who you owe money to is too much hard work, or just too time consuming, then outsource your bookkeeping to GM Bookkeeping. You could find that I will do the work quicker than you, allowing you to continue focusing on your business. Outsourcing can help relieve those paperwork worries and your books will be ready for your accountant at the year end.

  9. Did you know that accountants could be charging you £50-£100+ an hour to do the same work as a bookkeeper. Save money by being prepared, let GM Bookkeeping get your books done to trial balance stage, then ask around various accountants for a quote. Letting accountants know that you have a bookkeeper could save you hundreds.

Why contact me?

* Free initial consultation

* Friendly approachable service

* Informal but professional

* Fixed or hourly fees

* Saves you time & worry

* Available out of hours

Contact GM Bookkeeping - Call 07540 786 879, email Email GM Bookkeeping