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Business Tips

Small Business Book-keeping & Accounting

Many small businesses are unsure of how to deal with their book-keeping. Using a professional accountant can be uneconomic, especially for very small businesses. Another option may be Sage or other comprehensive software. Whilst this can be a very powerful tool, it is likely to be too complex and time consuming to maintain for a small business.

Most very small businesses therefore tend to use a spread sheet system to record their transactions. This need not be complex. One sheet will be used to record sales and one sheet for purchases. The sales sheet will include the date, invoice number, customer name, amount and VAT if applicable.  Similarly, the purchase sheet will include the date, amount, description of the purchase and the supplier. It is also normally best to separate the expenses into categories, such as travelling, telephone costs, office costs, equipment etc. This will minimise the work required at the year end.

For more information, contact the accounts team on 020 8429 9245.