Our Top 3 Accounting Tips for your Small Business

Starting your own business is an exciting but scary challenge, and that’s why we’re here to make it that little bit easier for you. Here are our top 3 accounting tips for when you start your business:

Use Technology

The technology we have available now is exceptional, and not making the most of it will cost you in time and money. Cloud Accounting software allows you to access your accounts and data from anywhere, at any time, on any device! This gives you the flexibility you need to start up your business as it is easier to run your business on the go. Plus, Cloud Accounting is one of the safest options for your data and you don’t need to spend extra money on servers or backups. Using technology will help you automate a lot of data entry, reducing the chance for human error, which in turn will save you time.

In addition, if you’re not already paperless, using technology will reduce your costs. Just think about how many invoices, envelopes, late notices, as so on that you send out, all this could be done through email or through an Accountancy Software Platform.

Choosing a software that you can grow your business with is a must, take a look at our Top 4 Accounting Software Platforms for Your Small Business, including, Xero and Sage. Of course, you can ask us which we would recommend for your small business.

Separate Your Business and Personal Accounts

As soon as you start, make sure to open either a Business Bank Account, or if you’re a sole trader, a separate current account that’s specifically for the business. Too often we see businesses mixing their personal and professional finances. This not only limits your audit trail but will also cause problems later down the line when you come to declare your income and expenses and you have to trawl through your personal account, remembering all your business transactions.

Find an Accountant

When you first start up your business, there is a lot to think about, from the numerous legal implications and creating business plans, to tax planning and deciding whether to register for VAT. One of the very first lessons you will learn in business is that you need to ask for help, and that’s okay! You need someone who has been there, in the position you’re in, and understands the feelings and thought processes that you are going through. You need someone that can not only take the weight off your shoulders by completing all your tax returns, management accounts and will file for VAT, but you need someone that can advise you on how to grow your business. Not all accountants are open to doing this, so you need to ensure you choose wisely, otherwise it could be a costly business mistake. Client testimonials are a great way to see if specific accountancy firms are delivering on what they promise.

Discover more about our accountancy services for York businesses

What We Do

At Franks Accountants, we don’t just offer standard accountancy and taxation services. We’ll provide you with everything you need to add value to, and grow your business.

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How We Work

Working with us is not about the ‘quick fix’ of getting your books done at the cheapest possible price, it is about investing in the success of your business with a view to maximising returns.

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Why Choose Us

Choosing an accountant for your business is a very personal decision as your accountant will get to know your business inside-out. Therefore, you need someone you can trust who will help grow your business.

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Accountancy Software

Advising you on the best accountancy software for your business. We’ll then guide you through the implementation process and provide continued support. We support  Sage, Xero, Receipt Bank, Quickbooks, and more!

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Switching Accountants

Many clients ask us about the switching process. It really is simple and hassle free. If you have any concerns about how this works, then find out more here.

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Need more information? Here are some common questions asked by our prospective clients. If you can’t find the answer, get in touch, we’ll be happy to help.

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