separate private and business expenses

Small Business Bookkeeping Deadly Sin #3: Not Separating Private and Business Expenses

Want to push the HMRC’s ‘hot button’? Muddle up your private and business expenses. Most people don’t know that this is a big ‘no no’. It is actually very important to keep your business and private expenses separate, as most expenses you incur in running your business can be claimed as deductions to reduce your assessable income. Many people get caught out here because private and business accounts are used for both purposes and it can get messy. So [...]

Read more...
doing the books regularly

Small Business Bookkeeping Deadly Sin #2: Not Doing the Books Often Enough

One of the biggest sins that small business owners commit is that they put off doing the books for weeks or months at a time. Many small business owners think that bookkeeping is just a means to filling out your taxes. With this mindset you miss out on the many benefits that a regular bookkeeping system can provide you with. Your bookkeeping should be a tool that helps you run your business. Use it to help you make critical decisions [...]

Read more...
9 deadly small business accounting sins

The 9 Deadly Small Business Accounting Sins…& How You Can Avoid Them

Businesses are successful for one fundamental reason. It rarely, if ever, is about luck or talent or how much money they started with. And it certainly is not dependent on knowing some ‘secret’ others don’t. Sure, you must have a good product or service and a bit of common sense. But after spending over 30 years all up as a qualified accountant, it is clear to me that business success comes to those who have their ‘house’ in order. [...]

Read more...