Monday, March 24, 2008

Bookkeeping basics every business owner must know

Few people get into business so they can do paperwork. Spending time adding up receipts or pushing invoices around a desk is nobody’s idea of fun (unless you’re starting up as a bookkeeper or accountant!).

Unfortunately it’s a necessary evil and something you need to stay on top of in your new business. Being disorganised and putting off paperwork just isn’t an option. Her Majesty’s Revenue & Customs (HMRC) will fine you if you’re late getting essential information to them. And the longer you leave it, typically the worse the problem gets.

Being on top of your bookkeeping will also help you maintain a healthy cash flow within your business, and be able to spot trends early on. That kind of information is invaluable as you grow your venture.

Here’s a Bytestart guide to the bookkeeping basics every business owner must know. They’re relevant whether you’re a sole trader or running a limited company.

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