Written by Director, Huw Moseley:
‘Growth’ can mean different things to different businesses. It can mean a new member of the team, more clients or bigger clients, perhaps a new premise – or even a new business model. Setting up good accounting practices now will help you achieve the future growth you’re looking for… and here are 3 things you can commit to doing today that will help you on your way:
- Learn about cashflow– it’s the lifeblood of your business and you need to know what spending adjustments you should make, whether you need to follow up on your receivables or payables and if, overall, month after month you will have enough cash to operate – to take on new staff, to move premises, to run that marketing campaign you’ve been planning.
- Accept that spreadsheets aren’t a long-term accounting solution – if you’re committed to spreadsheets you’re accounting practices will be prone to error and won’t be traceable. It’s time to embrace accounting software, and we recommend you consider cloud accounting which will give you instant access to your bank feeds and your financial information. This goes way beyond basic bookkeeping and provides you with real-time data and reporting on your cashflow and invoicing.
- Ensure you’re compliant with HMRC – from PAYE to Corporate Tax to VAT, there are lots of things to consider, but the aim is to ensure you’re paying the lowest tax legally possible. From time to time, HMRC will raise both routine and more detailed investigations into your submitted tax returns, and it’s vitally important that you have everything in order.
A good way to validate that your business has the right accounting practices in place is with our ‘financial health-check’ – a service designed to ensure your accounts are accurate, and you’re paying the right tax. This can take a couple of hours or a couple of weeks, depending on the size of your business and the types of accounts that you’re running.
If a financial health-check would be of interest, please drop us a line – we look forward to speaking to you.