When running your own business, every penny counts and ensuring you keep accurate and thorough records is the best way to protect your profits. The following tips are designed to get you started with keeping your essential records accurate and up to date, so you can find whatever you need, whenever you need it.
Keep your receipts
No matter how big or small the expense, keep a receipt or request an invoice for everything you buy through your business. These should all be kept together, ideally with a paper and electronic back-up copies so that they are easy to find if the tax man comes knocking.
Have a robust filing system
All invoices raised need to be filed electronically and in chronological order to make them easy to
refer back to. For cash flow purposes, keep your yet to be paid invoices at the top, so you are
aware of each outstanding debt and can chase if they become overdue.
Keep it separate
It goes without saying that your personal receipts and records should always be kept separate from
your business records. Keeping a distinct division will ensure you avoid any confusion or mistakes
at a later date.
There are several reasonably priced packages available to help you with your record keeping.
From simple spreadsheets to monitor your outgoings to full accounting and CMS systems to raise
invoices and keep file notes on all work and customers, there are endless options to fit all sectors.
Electronic record keeping, in particular connected to the Cloud will help to keep your important
What is your time worth?
When in doubt, leave it to the professionals. Consider the cost of your time and how long it could
take you to do the work, versus how long it would take a qualified accountant. Could you spend
your time making money for your business and outweigh the cost of a professional? If the answer
is yes, don’t waste your valuable time.