Best Bookkeeping

6 Best Bookkeeping Tips for your New London Business

When you are starting a business in London it is unlikely that accounts and bookkeeping will be foremost in your mind, unless you are starting an accountancy firm. There are more exciting things to think about when setting up a new company. But you will need to think about bookkeeping as you are developing your business, so you can keep accurate records and make sure that you are paying the right tax and claiming the right benefits. Here are some quick tips for making bookkeeping a positive part of your company’s development.

  1. Keep The Right Records

Each year you will need to send in details of your business to Companies House and the information you need to send will be related to your business, your sales, the salaries you pay people, your expenses, and other financial transactions. Once you have started the process it becomes much clearer. It is a good idea to get help from  central london accountants as you are starting up so you can immediately know what documents you need and how you should keep them.

  1. Make Accurate Daily Checks

The most important thing you need to do on a daily basis is to check that you have enough cash to pay your outgoings. Check the cash position of your business every day to make sure that you are heading in the right direction.

  1. Send Out Invoices

This should be done on a weekly basis, at least, so that you keep on top of this task. It can take quite a lot of time but it is the most essential bookkeeping task to ensure you are paid for the work you do.

 

  1. File Your Receipts

Keep a record of your documents and your receipts by keeping a file of the invoices you send as well as the receipts you get for any purchases you make.

  1. Pay Suppliers on Time

Take the benefits from any early payment discounts that you are offered by suppliers in order to save money. You will certainly need to make payments on time, in order to avoid having to pay penalties.

  1. Complete Accurate Payroll

Every month you will need to make sure that you get your payroll correctly administered so that you pay your employees and also report these payments to the HMRC. You can get software to help you do this or you can get assistance from an accountant or payroll professional in order to make sure this task is completed successfully.

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