It is easily done. You get busier, life gets in a way, and children need attention. We have all been there. You are so busy doing everything and making everyone happy, and something just has to give. You know money is in the bank, and coming in, so what's the harm, right?
Lost receipts?
The trouble is, that you may lose a receipt here and there or forget to chase an invoice. By which you are increasing your taxable income and your cash flow won't be great, which will stop you from growing your business and you won't be a happy business owner.
Keeping on top of your bookkeeping on at least a monthly basis will ensure that you don’t lose track of any expenses and don’t misplace any receipts or invoices. Remember you can only claim expenses that you can show evidence of to the taxman when submitting your tax return.
I don't need a bookkeeper
Not everyone needs a bookkeeper. When first starting your business it may be feasible to do your own bookkeeping, but once you start to get your feet off the ground, your bookkeeping will no longer be your priority. It will be in your interest to focus on tasks that bring in the sales and not the ones that don’t bring you any income such as your bookkeeping. Whilst this won’t be your main priority it’s a pivotal part of your business. Before it starts to get out of control and add pressure to your already stressful working day, get in touch with a bookkeeper to assist you.
Financial goals
For your business to grow you need to set yourself financial goals. You won’t be able to do this unless you have an insight into your cash flow forecast. Forecasting the future of your business will give you something to aim for and motivate you. It will also give you a better understanding of what you need to do to achieve your goals, enabling you to put steps in place to get there. Your bookkeeper can help to guide you in the right direction.
Know your numbers
Knowing what income and outgoing transactions you have going in and out of your business every month will give you a better idea of what your budget is to spend on expenses each month. Sticking to the budgets you put in place will keep your cash flow healthy meaning your business will be much more successful.
At Brush Up Accounting we aim to help you keep your costs to a minimum. We have software in place which will make sure that no vital expenses go missing and that your bookkeeping is always up to date. We can produce monthly reports and have meetings regularly so that you are always in the loop when it comes to your financial position. Don’t let your accounts get out of hand, reach out to us and book a free consultation.