Are you a Peterborough business owner? Then you don’t need us to tell you that it’s essential to get to grips with your company finances. Here at Linda Carr Accountants, the accountant Peterborough clients trust, we can help you to do just that. Here’s our top tips for success!
Find an Accountant in Peterborough That Businesses Recommend
The first thing that you should do, if you haven’t done so already, is hire an experienced local accountant. We are regarded by many businesses in the area as the best accountants Peterborough has to offer, and we work with a range of clients all over the city. Whether you are a limited company, sole trader, or partnership, we will tailor our services to suit your exact needs. With our years of experience and keen eye for detail, we will soon have your finances in order.
Set Up a Business Bank Account
If you haven’t already, then you need to open a business account. If you aren’t sure which kind of account is going to be suitable, then talk to your bank. They will be only too happy to help, and will show you which account will be most suited to your business needs. While you only legally need a business account if you have registered as a limited company, business bank accounts are a good move for sole traders and those who are self-employed too.
Set Aside Money For Your Tax Bill
It’s a really good idea to set aside some money for your tax bill throughout the year. No one likes being caught out by a big payment to HMRC at the end of the financial year, so the earlier you start to prepare the better. Your accountant will tell you what your tax rate is. If you then take that percentage from every payment you receive and put it into a separate savings account, you’ll have all the money that you need.
Be Prompt With Your Invoices
A lot of business owners complain that they don’t see money coming in quickly enough, but then don’t rush to invoice their clients. It’s as simple as this: if you don’t send your invoices out, then you’re not going to get paid. Make sure that you set aside time to see who you are still awaiting payment from, and then see if you have sent them an invoice. If you have – then it could be time to chase that payment up.
The world is forever changing, so it’s important that businesses change with it. Don’t be scared to bring technology into the mix, as there are some really helpful tools that can make running a business that much easier. Whether it’s software for your office computers or an app you can install on your smartphone, there’s often a digital solution for any business problem. So do some research and see what’s out there!
Take Ten Minutes Each Day
It’s a great idea to take some ‘money minutes’ each day. When you first sit down at your desk, take some time to check if there’s anything that needs addressing. Perhaps you have some invoices that need to be sent out, or there are some receipts that you need to pass on to your accountant. Perhaps there are some unexpected expenses that you need to clear? Dealing with a few small tasks each morning will stop them piling up and becoming unmanageable – and will give you a much clearer view of your current financial situation.
Talk to Us
If you wish to discuss anything with us, we are here to listen and answer any questions that you may have. Hiring an accountant is a big step for any business, and you’ll want to be sure that you have made the right decision. With our friendly team and years of experience dealing with businesses of all sizes, we are sure that we could be the right fit for your company. We make the effort to get to know every one of our clients, so we can deliver a truly personalised service.
Contact Linda Carr Accountants Today
Now that you know how to get on top of your finances, there’s no limit to what the future could hold! With our expert help and guidance, you’ll be able to make decisions that are right for your business and make sure that everything is in order. So why not get in touch today?