For many having an idea and setting up an business is something that comes naturally, for others it is harder work but something that a significant number of small business owners have in common is a fear of the numbers .. they are scary and if they ignore them it will all be ok .. right? Nope, sorry, it doesn’t work like that!
Understanding the numbers within your business is key to ensuring success. The last thing you want to discover is that you’ve worked hard, had loads of sales but not made any money as you haven’t charged enough.
There are a few key things you ought to be considering:
There is absolutely no need to spend a fortune on accounting software, especially when you are a small business. I’ve just launched a “Small business pack” to help, it contains basic accounting records spreadsheets, a costing model, invoice templates, expenses and mileage logs and for limited companies has dividend vouchers and dividend minute templates and a persons of significant control register template too!
The key is keeping your records up to date and recording everything and doing all this on a timely basis, set aside an hour a week or so to do this as part of your admin, you’ll be glad you did in the end .. honest!
Small Business Pack
Check out Rachaels small business pack containing basic accounting records spreadsheets, a costing model, invoice templates, expenses and mileage logs and for limited companies has dividend vouchers and dividend minute templates and a persons of significant control register template too!
About: Rachael Savage
Rachael Savage is a chartered accountant with over 15 years’ experience and has been running her own practice looking after small businesses for the last 5 years, she prides herself on having a no jargon and friendly approach and ensures clients understand the numbers behind their businesses whether they are start up or established. When not working, Rachael either can be found pounding the streets in her trainers in preparation for the 10k events she’s entered this year or sat watching her daughter snowboard at one of the UK’s indoor slopes.
For more information head to: http://www.simplified-accounting.co.uk/