Keeping Good Business Records

It is hard to underestimate the importance of keeping your businesses financial records in good order. The most important reason for doing so is that it enables you to make effective and timely business decisions. Without a regular bookkeeping routine you can’t asses your profitability, understand your cash flow and decide where improvements or cuts need to be made. I am continually surprised at how many small businesses continue to neglect the essentials. Of course, HMRC’s regime of business record checks is a factor to consider too, with their powers to fine businesses for poor record keeping. But, being able to manage your business effectively should be sufficient motive to get organised.
And these days, so much can be done online in colaboration with your accountant. We regularly set clients up with online Kashflow or QuickBooks software which enables them both to see their current position at a glance and to ask us to review and advise remotely from the live data on screen. The reporting functions of both of these programmes are simple and powerful meaning that key business information is available for important decisions. Why not make it a new year resolution – a rather late one admittedly – to get your business records organised in 2013. And if I can help, then don’t hesitate to get in touch.