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Home » News & Insights » Tips for SMEs – Bookkeeping Tips For Small Businesses

Tips for SMEs – Bookkeeping Tips For Small Businesses

Posted on 20th May 2019

Keep Business And Personal Banking Separate

When starting up, one of the first things you’ll need to do is open a business bank account, this will help you to keep your business and personal finances separate.

Why is this important to you?

Save yourself money and time by keeping these two areas of your finance separate, because if you have outsourced your bookkeeping, you’ll be paying for transactions to be processed and allocated if you have mixed the two together.

The transactions have to be entered into the software and allocated to drawings, taking up time that the bookkeeper could spend simply data entering.

What about a savings account?

Plan for your tax liabilities by opening a business savings account and if viable aim to save money each month into the account in advance of your tax becoming due.  The amount you can save will depend on your business’ financial position, your accountant will be able to advise you of an achievable target.

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Filed Under: Tips for SMEs Tagged With: Bookkeeping, Bookkeeping tip, Business, Business Banking, Savings, SME, Tax Liabilties, Tax Planning

Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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