Starting a business in 2021? 3 accountancy tips to take on-board

WHEN SHOULD A STARTUP BUSINESS INVEST IN OUTSOURCED ACCOUNTANCY?

Starting a business in 2021? 3 accountancy tips to take on-board

While 2020 has been a difficult year for many around the UK, this does not mean people are looking ahead to 2021 with a gloomy outlook.

Many will be planning to make the most of the new year by opening their own business. If this applies to you, then there are certain things you need to have down in order to succeed. One key area is your business accounts. Keeping on top of these will not only help you succeed but also ride out any more surprises which the coming 12 months might bring.

But what are the top 3 start-up accounting tips for 2021?

Get professional help and support

Perhaps THE best tip you can heed is getting professional support from a qualified accountancy firm. This is especially worthwhile if you do not like dealing with accounts. All businesses need to keep on top of them so they can continue trading and also submit any HMRC returns on time. Hiring a professional accountant to help also means you can focus on building your business up and leave the time-consuming accountancy work to them.

Keep business and personal money apart

This is a great tip to take on-board as a new business owner. It is not hard to arrange either! All you need to do is open up a separate bank account for business use only. This allows you to then keep all your business income and expenditure totally separate from your personal cash. It also saves a lot of time on untangling what is business money and what is personal money when tax returns are due.

Think about cloud accounting

Cloud accounting has made a big splash over the last few years. This is because online accounting platforms (like Xero or Quickbooks) make it easier and faster to keep track of your business finances. From invoicing to payment reconciliation, cloud accounting is really worth using for any new startup in 2021. Using this type of platform is also more convenient for your accountant, as they can simply log-in and get any details needed for official Government returns.

Professional accountancy support for startups in Manchester

If you are based in Manchester and plan on opening a new business in 2021, why not let SQK Accountancy help? Our expert team use the latest cloud accounting technology to help manage your business finances. Without of hours appointments and a commitment to making our clients feel at ease, we are the people to call. Get in touch on 0161 706 0444 for more details.

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