TBD Associates have put together a few top tips to point you in the right direction in your business.
1. Find the right accountant for you. Before anything else, you should find an accountant that will work with you, and that you can work with. To run a successful business without proper accounting or financial documentation is very difficult indeed and so the earlier you set up a proper accounting process for your business, the better you will be able to manage and focus on making sales, not looking at the accounts.
2. Set up a Petty cash Fund. Setting up a petty cash fund will help you to avoid unexpected cash requirements that arise. It also makes life easier in that you don't have to go about writing a cheque for minor things. You should always make sure though that you document receipts for all purchases made with the fund and replenish when needed.
3. Invest in the right software. accounting software can be expensive but you get what you pay for with these types of packages. There are many advantages to keeping everything together rather than on scraps of paper which can easily be lost. TBD offer a monthly set fee for Sage software so you don't need to cripple your cash flow - speak to TBD Associates for more info.
4. Budget Budget Budget making and sticking to a budget will help keep expenses in line, and will also allow you to keep an eye on spending habits. It's not particularly exciting but it will help make your business profitable and save you from getting out of your depth
