Here is an extract from the latest YBC newsletter for June 2015 - in this edition we talk about essential tips for new start up and small businesses

Why record keeping is essential
It is vitally important to keep accurate records for your business (whether sole trader or limited company), the penalties for failing to do so can be very strict – including a jail sentence!
 
It is so much easier if you start keeping records from the very beginning of your self-employment or start of business and keep the habit going…keep all receipts for purchases and records of sales to customers using a method that suits you (can be electronically or paper receipts but it must be done). HMRC will accept small mistakes if you can prove you have tried to keep full and accurate records, but there is no excuse at all for failing to keep reasonable records.
 
As with everything, there are many ways to records the necessary transactions for your trading activities and it pays to take advice on what will suit you and your business.


Click here to read the full YBC newsletter with great articles on Market research, legal obligations and credit management

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Please contact me to discuss how I can help you keep on top of record keeping in your business
Catherine

Packed full of tips for small businesses - please contact [email protected] to subscribe to this useful newsletter.

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If you are ever flagged by HMRC for inspection would you be ready?  The key to peace of mind is keeping a tidy, up-to-date set of books, imagine trying to track down lost receipts or missing invoices to prove your trading figures?

An accountant or bookkeeper can help you keep up to date so that at any time you know how much VAT you owe and when, they can help prevent errors and help you calculate your corporation/income tax liability.  Alternatively, choosing and using the correct bookkeeping software reduces the headaches immensely.

For advice on the best tools to use, contact CMW, or let CMW take the worry off your shoulders by completing your bookkeeping on your behalf.

Last and not least my top tip is – Don’t procrastinate!  If you’ve invented the next best thing since sliced bread, the longer you wait to go to market, the more costs you will incur and the more chance there is of being usurped by a competitor, or missing that ‘gap in the market’ you’ve identified.  You want to make sure you have a good and sound product or service to sell, but don’t wait until it is ‘perfect’ as that time may never happen,  just go for it and reap the rewards.

I’ve already blogged about keeping records for your business and choosing appropriate methods.  It is essential that you choose appropriate equipment, software and tools for your business. 

Do you really need that smartphone on contract at £100/month?  Possibly if you want to be checking your emails on the move.

Do you want a dedicated phone number with a 24 hour virtual receptionist?  Possibly if calls could come in any time of the day. 

Do you need that all singing-all dancing laptop with touch screen?  (well I fell for that one!)  Probably not.  

Do you need a new printer/copier/scanner? Or could you get a second-hand one?

What vehicle do you need to best serve your business?  A new Van with a logo? Possibly, if you need reliability and will spend a lot of time in it. 

Do you really need to spend money on advertising in the local paper?  Possibly if you have a one-off promotion in the local area.

Choose your stuff wisely and appropriately, don’t be fooled by flashy websites or promises or increasing your web traffic and your Google rankings, keep it simple!

(have you noticed – I’m an accountant and hate spending money)

Talking about the right tools, there are endless software packages and apps out there to help you be more efficient, some are free and some are very expensive.  However one crucial thing to remember is that after customers, DATA is one of your most critical assets and it should be protected at all costs.  For more reading on this subject visit my good friend at http://byteofdata.com/