SDB Accountancy Services providing financial services to Start ups, Sole Traders, Partnerships and Limited Companies.
SDB Accountancy Services providing financial services throughout the North East of England.
Servicing Business within \nthe North East for 10 years
Get in touch  0191 2766792
info@sdbaccountants.co.uk

Business Start-up Tips - Accounting

Tuesday, 5 February 2013
We've put together some top tips to ensure you get into the right accounting habits when you start your business.
  • Start Off on the Right Foot. Make your business accounting function a habit. Set aside a regular time period every week to gather your records together, check and file documentation, invoices and bank statements.

  • Separarte your Banking Activities. Small business start-ups especailly sole traders often use their existing private bank accounts to conduct their business activities. By keeping separate bank accounts for your business and personal activities, you will save yourself or your book-keeper hours of work analysing transactions that have nothing to do with your business.

  • Keep it Simple. Do not over complicate your structures or records. It only become confusing and end up distracting you from what's important.

  • Value Good Advice. Get professional financial advice early in your start-up process. A little money sent early on can save a fortune correcting possible mistakes down the line.

  • Software Packages. There are many very good accounting/bookkeeping packages out there, some of which are very inexpensive are relatively easy to use straight out of the box, and will do everything a small business would require including Sales Invoicing, Debtors and Creditors Control, bank Reconciliation and VAT Returns. Consult your financial advisor as to which package best suits your needs.

  • Don't forget to get paid. This might seem obvious but if you are not regularly tracking your invoices and debtor balances sales invoices and customer payments will be missed. Months of extra credit will be lost to customers. The vast majority of customers will not volunteer payments and will need at the very least regular statements and gentle reminders.

  • Starting your own business presents a significant number of challenges to even the best entrepreneur. Whether it's Accounting,Marketing. Product Developement, Sales, Manufacturing, Banking etc, early planning and organising will help you face thise challenges in a properly prepared manner. 

SDB Accountancy Services • Tel: 0191 2766 792  • Mob: 07596854430 • Email:
SDB Accountancy Services is a member of The 2020 Membership Group which is the leading membership organisation for helping progressive accountants and tax professionals throughout Europe, North America, Africa and Australasia.
SDB Accountancy Services is a member of The Institute of Financial Accountants
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