10 Small Business Bookkeeping Tips for Your Lewisham Business 

  
Small business bookkeeping tips can help you level up the finance game of your Lewisham business. Good bookkeeping provides you with reliable insights into your business accounts while helping you gain a better picture of the financial health of your business at any given time.

What is a small business? 

Small businesses are an integral part of the modern business world. Often all businesses that are small in scale and have less than 50 employees working under them fall under this category. Moreover, on a global scale, there are nearly 400 million small businesses active currently. As a result, they make up a large portion of all companies and half of all jobs. 

What is small business bookkeeping?

 The practice of bookkeeping is also applicable to any small business. Also, it is the process of analysing, classifying, summarising, and recording all of your financial transactions in the business. 

When it comes to small business bookkeeping, it’s mostly the same as any other bookkeeping process. Recording accurate financial information about the business and its transactions and maintaining them up to date is the main goal of bookkeeping.

10 small business bookkeeping tips

 Bookkeeping is not a simple task. It requires knowledge, time and skills to get things right. So, here are some bookkeeping tips that would help you improve your process. 

• Make sure to save all important documents, bills, and invoices. 
• Look for ways to automate the bookkeeping process. 
• Keep records of your cash flow clean and organised. 
• Do your taxes accurately and make sure to file them in time with the necessary attachments. 
• Always keep your personal and business finance records separately. 
• If you are not doing bookkeeping by yourself, always keep in contact with the bookkeeper in charge. 
• Make sure to pay close attention to accounts receivable. 
• Perform checkups on your financial records regularly. 
• Make a list of all of the major expenses and prepare budget plans to make sure that you have enough funds. 
• If you are having a hard time keeping your financial records straight, don’t hesitate to ask for the help of an expert accountant. They will be able to help you with bookkeeping and more. 

How to do bookkeeping for small businesses? 

Bookkeeping for small businesses is no simple task. But with enough accounting knowledge, you can grasp the basics of bookkeeping. When it comes to small business bookkeeping, the process includes processing, measurement, and communication of the business’s finances. This also can help the owner to perform activities like taxes, management, payroll, acquisition, and inventory easily.

Why do you need an accountant to help with bookkeeping? 

Accountants have experienced professionals that are well-versed in the art of bookkeeping. With their help, a small business owner can handle all the finance-related things in the business easily. When you have a professional to handle your accounts, your business will make fewer mistakes, face fewer fines, and will see a much better cash flow. So, if you are looking for a capable accountant, contact us at Philip Nolan.