How to manage small business accounts

If you have just started a small business or have gone it alone as a sole trader, you need to look into your business banking options. Business is all about profits. However, as far as the tax man is concerned it is all about you keeping on track of your finances to pay them as much tax as they can claim.

Small business accounting

You do not want to have to spend money on fines during your first year of trading. However, if you keep on top of your finances, the tax man will make sure this is what you do. You also need the best business banking account to keep track of income and outgoings, so that you can see your growth opportunities and places where you need to cut back. Making your own accounting software Without small business IT services, this can be tricky. You can get online bank accounts for your business which would make it easier to use with a number of staff or if you need to move around a lot using different computers. You can make your own version of business accounting software by using software you already have. As long as you remember to keep track of your work, office suites like Microsoft, with it spreadsheet and word processor documents are a great option. However, if you have not already invested in these programmes, Open Office is a free solution to this option.

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Why not think about accounting programmes and bookkeeping programmes too. These pieces of software make it easier for small businesses to check their outgoings in an easily tracked and manageable package. You could also speak to your banking branch and ask them about their small business banking accounts. For example Halifax business banking offer small businesses credit cards which could help you keep track of outgoings by paying off an invoice at the end of a month. By forcing you to do this, you are giving yourself time to pay off any outgoings whilst providing you with an actual invoice which can go into your bookkeeping records. This would save employing someone to do small business invoicing for your company or if you are a sole trader, it saves you a job and allows you to concentrate on maximising profits in other ways.