If you are planning to launch your own business shortly, you will need some basic accounting skills in order to record every business transaction. In fact, you should enlist the help of trusted accountants in Letterhead prior to trading, as the specialist will set up a routine for you to follow, which would be a daily review of updating your spreadsheets, followed by a weekly data entering session.
Making Good Use of Business Software
There are some excellent business software suites that take the hard work out of bookkeeping, with the following utilities:
- Graphs & Charts
- Forecasts and reports
Keeping Accurate Records
This is the key task for any small business owner, and you must avoid getting into a situation where your accounts are behind schedule, which is best achieved with daily updating of the income-expenditure that your business incurs.
Hiring an Accountant
This is not something you can leave for very long, and ideally you would have an accountant on board the day you start trading. The accountant will help you to create the right files and would show you how to update them, and should you be looking for a local accountant that specialises in small businesses, a Google search will help you locate a suitable accountant.
Taxation & Payroll
If you have employees, then you must calculate payrolls, as well as making sure you comply with tax and national insurance requirements. You will definitely need some expert help with this, which is where your accountant comes into play.