Skip to main content

The basics of small business accountancy

By March 21, 2013May 24th, 2021No Comments

Here at Yorkshire Accountancy, we specialise in providing an extensive range of high-level accountancy, tax and payroll services, from year end accounts and personal tax to business plans and VAT returns, in which you can have the ultimate confidence. Such services make it possible for you to concentrate on what you do best: generating revenue from your firm’s core business.

Needless to say, however, that the accounting process can be an incredibly intimidating one for anyone who has started up in business for the first time – after all, your reason for doing so will have been your proficiency in providing a particular product or service, not your accounting expertise.

You don’t need to be a mathematical maestro to be a success in your small company’s accounting, however – good old-fashioned strong organisation and the wise outsourcing of certain accounting, tax and payroll tasks for which you lack either time or expertise is sufficient.

Top small business accounting tips

At its most basic, accounting for your small business simply involves calculating your expenses and subtracting the resultant total to produce your income figure.  There are, however, various other good practices that you are advised to adopt fairly quickly – such as ensuring that you do not mix personal and business records, in addition to saving receipts so that you have the best basis on which to minimise your tax bill.

It’s well worth making the most of all of the free and inexpensive business tools that you can find online, too, such as our personal tax organiser and Companies House forms, in addition to our more full-blown accountancy services.