30 Jul Top 3 accountancy tips for new small businesses
Starting a new business is both an exciting time and a nerve-wracking one. You’ve taken a giant leap and it’s only right that you have a little support to get you started. At SQK Accountancy, we understand and we want to ensure you have the best start possible for your new venture.
With that in mind, we’ve compiled our top 3 accountancy tips for SMEs to give your new company the head-start it rightly deserves.
Invest in modern accounting technology
The days of paper checks and invoice folders are gone. By investing in cloud accountancy technology, you can bring your business into the 21st century and make book-keeping a simpler experience. Cloud accountancy platforms allow you to access your accounts from anywhere in the world, by desktop or mobile, and you can make changes to pricing structures with ease.
Always have a cash reserve
When you run a business, you must be ready for any eventualities. Always having a cash reserve will help you avoid any snags in the road, especially during downturns and quieter months. The last thing you want is to be struggling as a business, especially if you have big overheads like facilities, employees and suppliers to pay. We recommend keeping at least three months of operating expenses aside just in case you need it.
Leave your accounting to the experts
A lot of SMEs, especially in the first year of operating, try to handle their accounts themselves in order to save money. This may appear to be the best solution, but it takes a lot of time away from your actual focus, which should be your business. Working with a small business accountancy firm can save you valuable time and even money.
That’s where SQK Accountancy comes in. We specialise in creating all-inclusive accountancy packages for small businesses just like yours. We provide VAT and payroll services suited to meet all your needs as an SME.