Top Tips For Getting On Top Of Your Accounts!
I am regularly asked “How can I keep on top of my accounts .. it’s always bottom of my list of things to do”, so here are my top tips for not letting the dreaded figures get on top of you and to help you keep on top of it all:
Little and often
Set aside an hour each week to get your accounts up to date. It’s not so daunting if there’s only a few invoices and receipts to sort. If needs be, bribe yourself (coffee & cake, gin & tonic) but set aside that time and get it done.
Have a safe place to put your paperwork
Yes, you need to file the paperwork once it is recorded, but have a safe place to put all the bits of paper as you go each week. It’s so much easier when you sit down to go through it all if you know where it all is. An in-tray, a plastic wallet, a bulldog clip on a notice board whatever works best for you. If it is all in one place then it’s a case of pick it up and go rather than emptying purses, wallets, pockets and bags looking in vain for that coffee shop receipt from the meeting you had!
Have a filing system
Have a system to put everything away safely once you have recorded it .. this might be a pretty folder, 12 envelopes (one for each month of the year!), a ring binder .. there are so many options out there so find one that works for you and make sure you remember you need to keep your records for 6 years so as to keep HMRC happy.
If you are just starting out and have a low level of transactions then a spreadsheet is probably sufficient for your needs and both our self employed pack and limited company packs have basic spreadsheets to get you started in your accounts (plus lots of other useful resources!).
If you are on spreadsheet and this is getting onerous perhaps it is time to look at moving to an accounting system – most are cloud based and online these days and there are free as well as paid for solutions.
If you really hate it then talk to us to see how we can help.