Businesses spend a lot of money when hiring staff to fill various vacancies. Granted, these businesses can cut down the cost of acquiring staff by hiring graduates. This is true because generally, graduates command a much lower wage than candidates who are more experienced and more qualified for the position. As a business…
Beech Business believe that keeping on top of your business finances can leave you feeling confident about your business and knowledgeable about what is in the bank, what is owed and what is due to come in. Failure to do this could be disastrous for your business and see you struggling to keep up with repayments and chasing invoices.
To give you a helping hand, here are some top tips to help keep your book-keeping in order for 2014!
Don’t be a technophobe!
Most people use online systems or programmes to help record their book-keeping. Long gone are the days when everything was so much more time consuming and had to be written down in books.
There are many different free and paid for tools that you can find online that will help you manage invoices, expenses etc.
You can print electronic receipts, store all of your invoices on a system so that you don’t have to print them off and have everything organised in one place.
Hire a professional
It may feel like an expense you don’t need but keeping on top of the books can be dull and uninviting if it isn’t your forte. If you can’t afford someone to do it for you, you could always get someone in one every 12 months to do a review of your records so that you can rest assured everything is in order and being accounted for. The last thing you want is a hefty fine from the taxman.
Make sure you shop around and ask fellow business owners who they use before making a decision.
Set yourself a reminder
Whether it be in your Outlook calendar, on your phone as an alarm, your partner nagging you to death, make sure you have a weekly reminder to keep on top of your books so that you don’t have to traipse back through months of receipts and invoices trying to catch up.
If you don’t stick to it, do something drastic
If you have set 2014 to be your year of being organised and already you are falling at the first hurdle, make a pact with yourself that every time you don’t commit to it, you have to do something such as throwing a £1/£5 note away or giving it away to someone else. Seeing yourself physically lose money is the equivalent of not keeping on top of your books as it could see you with little money left in the bank and very quickly too.
Peer pressure yourself
If you have a blog or a newsletter that you send out to clients, state in your first newsletter/blog of the year that you will be providing quarterly updates on the business development of the firm. This sets you into having to check the finances and invoices as you don’t want to let your clients down or for them to see you haven’t done something you have committed to doing.
Set time aside
Don’t just say you will do it. Make time to do it. That’s how you know it will get done. Leaving it is too costly for your business and could see you with nothing, so don’t put yourself in that position during 2014 and start the year as you mean to go on.