5 tips to keep track of your small business finances
17th March 2015
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Accounting and bookkeeping are amongst these financial activities that rarely come to mind. When you first start your own small business venture, you probably never thought of how important managing your finances can be… until you find yourself struggling. We’ve gathered several tips from Wilds Chartered Accountants to help you get organized and lead your business to success:

Hire a pro

After all, there is no better person to do this job than the one who has the knowledge and years of experience in the field. Accountants have insider’s knowledge of how things work and can help you save a lot of money and headaches.

Plan any major expenses

Thinking ahead is the best way to save money and keep track of your business finances. Plan any major investments or business expenses that may arise in the following years and be prepare for them. If you think your office might need an upgrade or a renovation, set some money aside, instead of taking a credit, when the need arises.

Check your invoices

Keep an eye on your invoices to make sure there aren’t any late or unpaid bills. You can use your accountant or assign someone to track your billing. Remember – every unpaid and late bill comes with penalties such as extra fees.

Maintain your records

Make sure that you keep all your receipts organized, so you can easily track your expenses. Ensure that they are put in a safe place – one of the top reasons for lost records is actually the documents being destroyed or washed.

Separate your personal and business accounts

As people say – never mix business with pleasure. It’s very easy to lose track of your finances once you start funding your business from your personal account. Set a special business account for all of your business expenses and bills, and another one to cover your living expenses. 

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Gaynor R

Member since: 10th July 2012

Hi I am Gaynor Ramsden and am passionate about all things Bolton. I hope you enjoy reading my blogs and find them to be interesting and thought provoking. I would love you to add your personal comments...

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