According to statistics, there were around 5 million small businesses in the UK last year. The services have around 0 to 40 employees. Note that 90% of businesses in the UK are small or medium-scaled businesses with less than 100 employees. The small-scale business infrastructure is spread throughout the UK and provides job opportunities to 50% of the total British workforce.

As a new business, you’ve yet to explore all the market offers. There’s no way a small business can learn the ropes of financing without proper bookkeeping. Accounting records set the right pace for business growth. It’s an edificial part of business management. It involves accurate data entry, financial record keeping, and billing/payment information management.

The key rule to managing your bookkeeping is to keep a close eye on the cash flow. This also asks for you to maintain invoicing records and trade receipts. The data entered during each monetary transaction should be accurate enough to undergo monthly and annual financial analysis.

With product orders coming in, you need to be ahead in your supply chain game. Don’t fill your plate to the brim. You can always hire expert bookkeeping services and chartered accounts and business advisors in London to manage your financial records and provide timely reports.

Your SME will need accurate records to pay your corporation taxes. Get in touch with IBISS & Co. for dependable business and tax advice in London.

Here are some worthy bookkeeping ideas for an SME.

Maintain All Transaction Records

A new business can’t simply invest it all! Be vigilant about how much cash goes into producing your dream product and maintain all transaction records. These records might vary based on your business model. For example, an online store will also have to manage its product delivery expenses. Whether the transaction is made to a B2C or B2B enterprise, there has to be a transaction record promptly added to the business records.

If you haven’t been paying much attention to your business transactions previously, begin today! Hire chartered accountants in London to manage your business accounts and engage in regular bookkeeping.

maintaining records

Respect Business Deadlines

Say no to business bottlenecks by meeting business deadlines! No small business that didn’t respect deadlines ever flourished. They are imperative to streamline the workflow in an SME and ship deliverables on time.

Outsource Bookkeeping

Entrepreneurs suggest new businesses should consider outsourcing their services. The marketing and accounting domains of a business can be outsourced. Outsourcing accounting services would mean an external party will take care of your bookkeeping and tax management. The process is a cost-efficient method to manage your business tasks.

IBISS & Co. offers standard accounting services for small businesses in London. Our chartered tax advisors and business consultants have been in the industry for 20 years. Our services include statutory accounts management, VAT management, and payroll services. To seek our advice on capital gains and property taxes, contact our head office at 0203 808 0999.

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