Easyspace recently launched our business Start Up hub, which offers tips & guidance for those who have just started their own business or are thinking about doing so. It is vital that businesses of all sizes have a firm grasp of their financial situation. Having an understanding of your business finances, your bookkeeping, etc will give you a solid foundation upon which to grow a successful business.
With this in mind, Easyspace would like to introduce you to Darren Fell – founder of online accounting firm Crunch.co.uk, who has generously agreed to make a guest blog post covering bookkeeping and how it can help a business. Easyspace interviewed Darren earlier on this year, and he has a wealth of experience in advising businesses. A serial entrepreneur Darren has successfully started & grown numerous businesses. His viewpoints are powerful, insightful, and intelligent, so please enjoy his guest post below.
How to stay on top of your bookkeeping
Running a successful company without properly managing your finances is similar, I imagine, to flying an engineless plane – you may glide along blissfully unaware for a while but you’re inevitably going to crash.
Efficient bookkeeping is the backbone of your business; without a proper handle on your finances you won’t be able to forecast your future cashflow or make any realistic business roadmaps.
It doesn’t have to be a chore and there are some easy solutions to keep everything in check.
Have a proper system in place
From the host of ideas out there that facilitate managing your finances, having a professional oversee your bookkeeping is the most effective.
As business is immersed ever further into the technological world, more and more people are becoming computer-savvy enough to utilise modern accountancy platforms.
Cloud accounting software often provides a cheaper and simpler structure for clients to conduct their own bookkeeping, often with the aid of a professional included in the price, to ensure everything’s in check.
Make use of clever apps
Embrace technology and take advantage of things like mobile apps to record your expenses on the go. Other applications can automatically log your mileage, and upload bank statements for faster reconciliation.
There are so many mobile apps out there, you can probably find one for just about any task you’re looking to automate.
Don’t leave it to the last minute!
Allowing things to mount up will always lead to a strong desire to bury your head in the sand, not to mention financial complications. Finances can get messy when you have to account for receipts that have long inhabited the depths of your glove compartment or a shoebox under your desk.
Make sure you always send your invoices out promptly, record your expenses and mileage as and when they’re incurred, and keep on top of all your payments. A small amount of effort now will save you a huge amount of effort down the road.
Falling off the wagon.
There’s no greater incentive to keeping on top of your bookkeeping than the penalties that you can face if you don’t. Having a transparent, simple and regular bookkeeping system is going to prevent problems from developing in the first place, saving you stress and money.
Thanks Darren, from everyone at Easyspace.
If you want to find out more about Darren Fell and get some more finance tips for your business then you can visit him at his website www.Crunch.co.uk