Although probably not something you like dividing your attention to, staying on top of your bookkeeping is a must.  Here are some of our tips on how to make it a little less time consuming:

1. Keep your personal and business finance separate.

It may seem like a basic, but it makes the process much easier when you keep your finances separate. Having a business bank account and company credit card for any purchases really does help to keep your books in order. Business banking has changed substantially over the years and it’s now easier than ever to get your company account set up. The time varies between 7 and 28 days, depending on the bank you choose, a great improvement on the 2-3 month waiting time some used to experience. Many banks also offer to waive their fee for the first 6+ month giving you some breathing time. Using your business account makes it much easier categorise your expenses.

2. Streamline your paying-in process.

Many companies are moving away from accepting cheque or even cash payments. Not only it saves them money on banking fees, but it also makes tracking your incoming funds a lot easier. Want to make it even simpler? Set up subscription process or standing order for your regular customers. We appreciate it’s not always possible, but it’s certainly worth considering where applicable.

3. Stay organised.

Having a regular system that works for you is the key. Dedicating set times each week, fortnight, month or quarter to analyse your accounts will not only help ensure your books are accurate, but it will also give you an important insight into your business’ performance.

4. Go digital.

Cloud based accounting softwares are a great time saving tool for any small business. Choose one that integrates with your online banking and any other online tools you may use for your business. Scan receipts on the go and keep them safe, send invoices and proposals by using customisable templates and send automated reminders to chase up late payments. Ivybridge Accountants can provide you with advice and support on which software would be best for you, show you how to use it and check that everything is imputed correctly.

We are firm believers in offering our clients the options that will work best for their needs. We offer a variety of bookkeeping services and have experienced advisers who can review your in house systems regularly and complete the VAT returns, giving you more time to focus on growing your business.