Get your accounts in better shape than ever before whilst also spending less time staring at figures with these six time-saving small business accounting tips.
If there’s one thing that all small business owners would like more of, it’s time. Use the following 6 tips to reduce the time you spend on business accounting and free up more time for growing your business.
Use a fixed-fee small business accountant
When you use a specialist small business accountant, you will receive a service that is tailored to making accounting easy and stress-free for businesses just like yours. An SME specialist accountant will be able to take time-consuming accounting, tax and payroll tasks off your hands, leaving you to get on with running your business, as well as providing you with helpful support and advice.
Separate personal and business finances
Mixing up your personal and business finances is asking for trouble, as somewhere down the line you will need to untangle the two when you come to do your accounts. Open a business bank account for business transactions and make sure you are using it from the word go to save yourself time later.
Complete financial admin as you go along
Organising receipts, updating payroll records and recording expenses can seem like tedious tasks, but committing just a few minutes a day will help you to keep on top of your admin and prevent it from building up into something monstrous.
Get to know your accounting software
Accounting software takes all the manual hard work out of looking after your figures. From importing financial data, making calculations, and automating certain tasks, accounting software helps to get the job done quicker, more efficiently, and with better accuracy. It’s worth spending time getting to know your software and what it is capable of to ensure you are getting the most out of it, which is why One Click offers dedicated account management customer service to help you along every step of the way.
Be organised with your receipts
Over time it’s easy to forget where you’ve put receipts and what they were for. It will save you time and hassle in the long run if you implement a process to help you collate, categorise and organise your receipts as you go along, to ensure that your expenses are recorded accurately.
Make good use of your accountant
If you’re using a fixed-fee accounting service, you can receive unlimited support and advice without incurring any extra charges, so make sure that you’re using the service to its full advantage. Searching the internet for answers can be time-consuming and unreliable, so don’t hesitate to pick up the phone and speak to an expert.
Find out more about One Click’s accounting service for contractors
At One Click Accountant, we provide an all-inclusive, fixed-fee accounting service for small businesses. For just £80 + VAT per month, you will receive unlimited support and advice from a dedicated, specialist accountant.
Give us a call on 0330 124 4675 today to find out more about the accounting solutions we offer and how we can help you.