Posted on Jan 13th 2017.
Knowing the position of your business helps you make and tweak important decisions. Bookkeeping, once you have got your head around it, can be a simple and straightforward task. It is easy to make simple mistakes with your accounts if you are not organised.
Simple things like printing off your bank statements and filing them in numerical order. This can be a two minute job when completed every week, but left until nine months after the year end it becomes a major time consuming task and headache. Making sure that you number your Sales Invoices in sequence makes it a lot quicker and easier to reference for both your year end and your clients. The majority of time when organising someone’s accounts is spent chasing up outstanding queries that given the amount of time that has passed since the expense was incurred, no one can actually remember what it relates to.
When running a business it is essential that you have a basic understanding of bookkeeping in order to keep your costs down. If you understand how and where you make your profit it will make it easier when you start to expand your business. As the Business Guru James Caan says “If there is no profit, there is no business”
Jeans Fashion Empire Owner Donna Ida, when interviewed said that her biggest tip would be to DELEGATE. She explains “One of the biggest mistakes I made was tying up my time doing accounts, I am not an accountant. I was handling the bills when I could have been serving customers”
If you need help to establish and maintain the financial position of your business give Wurkplace a call on 0330 400 5490 or submit a call back request here.
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Giving you the time to do what you do best – Running your business.
Blog post written by Ceri Wilson.
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