What are the best tricks for Small Business Accounting? | More Group Experts Advice
Overview Small businesses are on the rise. In the UK at the end of 2017 there were 5.7 million Small Medium Enterprises (SME’s) equating to over 99% of all UK business. If we break this down further, in 2016 96% (5.4 million) of these SME’s were micro-businesses (0-9 employees). As the figures clearly show, small businesses are very popular. Therefore, we know there are loads of you out there who will benefit from these tips about accounting for small business owners! Be organised with book keeping Bookkeeping involves the organisation and processing of your business records. It encompasses payments, invoices, cash flow, profit and loss, balance sheets, forecasts and future projections. These records form the backbone of a business, so keeping them up to date and accurate is essential to keep your business afloat. Additionally, business owners are required to keep these records, which have the potential to be audited, for a minimum of 6 years. Be aware of and