Top tips for small business accounting

May 26, 2020 3:42 pm

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When running a small business whether as a sole trader or limited company, keeping on top of your business finances can be time consuming. A Gloucester Accountants can help you out with your reporting needs and any other accounting queries that you may have. Gloucester Accountants Randall and Payne can help your business finances from day to day accounting through to end of year filing.

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Here are some tips on how best to keep your small business accounts ticking over

Separate your personal finances from your business finances. Although there is no requirement for a sole trader to have a  separate business account it does make it easier to keep a track of all of your business expenses when it comes to completing your self assessment in January.

Keep up to date. There is nothing worse than trying to rush around finding invoices and receipts ready on the 30th January each year. Instead use a spreadsheet or if you prefer some accounting software and keep up to date with your income and expenditure as you go. Looking at this each month will not only help you in terms of filing at the end of the year but it will give you an idea of your tax liability as you go along as well.