• Katie

Bookkeeping tips for the self employed

Bookkeeping tips for the self employed

When you started your business, one of the things you didn’t sign up for was all the admin. Literally no one apart from bookkeepers or accountants enjoy sorting accounts. Its stressful and can be complicated.

Here’s a few little tips to hopefully ease the burden.

Open up a business bank account

So, as a sole trader starting out, you’re not required to have a separate business bank account but it would make your life so much easier if you did. Ideally, you want to open two accounts within your business account, one for everyday comings and goings and one to put your tax away in to. There’s a few good companies out there like tide and starling bank which are great for business and are easy to set up. By opening a business bank account, you’re ensuring there’s a difference between your personal and business stuff and in the long run, you really will thank me.

Record all income & expenses

How are you going to know how much profit you’re making if you’re not keeping on top of your expenses? Set out some time every week to ensure you’re recording all your income and expenses either on accounting software or a spreadsheet. Be sure to go through your personal bank account too and double check for any business expenses. It can be all too easy to order something for your business with your personal money and forgetting about it.

Organise your receipts

There are great apps out there such as receipt bank that you literally just take a picture of the receipt and then receipt bank does its magic and syncs with your chosen accounting software — meaning you can reconcile every expense in a matter of clicks, not hours.

Ultimately accounting is hard, we get it. Balanced Bookkeeping are bookkeeping whizzes and will get your books looking squeaky clean! We offer accounting clean ups whereby we move you from a spreadsheet onto accounting software, adhoc tasks, payroll services, accountancy software training, consultancy or fixed price monthly bookkeeping and payroll. We are based down in gosport but are trained cloud bookkeepers so happy to help anyone, anywhere.

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