26.03.2021

Bookkeeping for Startups – Don’t put it off!

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Bookkeeping for Startups – Don’t put…

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Starting a new business can be exciting, but it’s often also stressful and overwhelming… there’s a temptation to focus all your time and effort on building up your client base and cash flow, which is only natural.  But it’s also important not to put off your bookkeeping. 

The earlier you get to grips with your bookkeeping, the better.  Leaving your receipts and invoices to pile up will only make the task seem insurmountable by your first year end.  You’ll likely be missing out on information that could substantially aid your decision-making throughout this critical time.  There’s also a chance that you could be making accidental errors, and wouldn’t know until it’s potentially too late to fix them. 

Here are our main recommendations for startups:

#1           Set up a business bank account – Limited companies must do this anyway, but we recommend it for all businesses.  It will enable you to keep your business and personal finances separate, making them easier to reconcile.   

#2           Use accountancy software – there are so many advantages to these, but to summarise:

  • You can link your business bank accounts so they automatically import the information for you
  • You can email/upload copies of your receipts and invoices into the software, so it’s saved on the cloud and you don’t have to worry about losing anything, or filing it neatly
  • You can issue sales invoices in an easy, fast, straight forward way
  • Most software can be used on your smart phone, so you don’t need to have your computer on you
  • You can share access with your bookkeeper and/or accountant, so you don’t need to compile all your paperwork and hand it over at the year end. They can also monitor/process your accounts throughout the year and flag up any issues
  • It can be used to submit your VAT returns via MTD (Making Tax Digital), which is now essential for VAT registered businesses
  • There are plenty of useful features and bolt-ons that could assist you e.g. inventory, online payments like Stripe or GoCardless, payroll, expense claims, project tracking, multi-currency, etc.

#3           Don’t put it off – with bookkeeping, it’s definitely a case of “little and often” is far better than leaving it to pile up. 

KC Bookkeeping Ltd can keep on top of your bookkeeping, so you can focus on building your business.  With prices starting from £25.00 per hour, we’re affordable and don’t require any long-term commitments from you.  We can provide software subscriptions and set them up for you, and train you how to create sales invoices or submit expenses if required.

Check out our website www.kcbookkeepingltd.co.uk or contact us for more information.

Thank you for reading. Take care, stay safe.  

  • Startups
  • bank reconciliation
  • Bookkeeping & VAT Returns
  • Bookkeepers

As director of KC Bookkeeping Ltd (est. 2017), I take a great deal of pride in offering a personalised, bespoke, and friendly bookkeeping service to my clients. I'm a member of the Institute of…

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