Many small businesses prepare their own accounts and bookkeeping in-house, usually to save money. Quite often they find themselves raising invoices during the evenings and weekends instead of spending quality time with their loved ones.
Engaging with an accountant is an investment for the future of your business, not an necessary expense. Without one you run the risk of:
- Not registering with the relevant authorities in time, leading to penalties.
- Not putting enough money aside to cover your tax liabilities by the payment deadline.
- Paying too much tax without knowing the tax saving opportunities available to you and your business.
- Poor / out of date accounting information that can lead to bad business decisions, and also take a lot of time to put right.
- Poor records may also mean that your accounts, tax returns and other compliance documents are not filed on time which could result in fines and penalties.
- Irregular invoicing may lead to mistakes and a build-up of unpaid invoices, which in turn will lead to poor cash flow.
We specialise in advising small businesses and have many clients who prepare their own accounting records. Some clients however prefer to invest their time working on their business and leave the bookkeeping to us. Whichever option suits you, it’s important to engage with an accountant in the early stage of your business, even before your business has begun trading.
We offer advice and training on bookkeeping too so that you can easily keep track of your numbers to avoid any hidden surprises.
We work heavily with Xero cloud accounting software which has numerous advantages including:-
- Online invoicing – you can even send an invoice from your smart phone!
- Automatic invoice reminders for late paying customers.
- Real time financial information with direct bank feeds.
- Always being on the latest version, and as Xero lives in the cloud, no back-ups are necessary.
- Fantastic reporting facilities so you can easily keep track of your financial data.
Xero offer a free 30 day trial so you can try before you buy. To sign up for a free trial click here.
If you have any questions on this article of would like to book a free, no obligation meeting then please get in touch.
Blog Author: Rachael Prideaux FCA Bsc (Econ)
Rachael qualified as a Chartered Accountant in 2003, whilst working as an accountant in Newquay Cornwall. She set up Figure Fairy Ltd – an Accountancy firm in Bodmin, Cornwall to help small business owners across Cornwall to understand their numbers, whilst specialising in cloud software to prepare accounts and assist with bookkeeping.