Specialist in Small Charities, Not for Profit, Businesses and Startups.

4 Bookkeeping challenges faced by small businesses that WE can solve TOGETHER

 

Many clients look to their accountant for business direction and advice as well as just crunching the numbers.

 

Startup and small business owners face lots of challenges on a daily basis and accounting-related tasks are some of the main ones that most struggle with.

 

Here we explore four of the most common bookkeeping challenges that small businesses face that I have the ability to offer solutions to. 

 

Problem 1 – Cash-flow

 

It can be very hard for small businesses to keep tight control of their finances and outgoings. They might not know the smart ways to spend money when they haven’t got much experience. Clients should review the following to keep their cash flow healthy.

 

  • Are you keeping on top of expenses?

  • Are you getting multiple quotes and recommendations for any sizeable purchases – whether that be marketing support or a new printer?

  • Are you keeping track of how much you need to cover recurring payments and are you focused on how to generate enough income to cover those as a minimum?

  • Are you invoicing as soon as you can, asking for immediate payment, and chasing early for overdue payments?

  • Are you setting aside money for tax bills?

  • Have you tried to think about any expenses that might come up in the future so there aren’t any nasty surprises?

  • Do you have a contingency fund?

  • Are you tracking and reviewing any marketing you are doing to see if it’s working and worth repeating?

  • Do you know the value of your customers/clients so you are ensuring that the majority of your effort is concentrated on your most lucrative customers or products?

  • Are you doing any work for free?

  • Do you have the confidence to price yourself in line with the market?

 

 

If you wish to discuss these please get in touch

 

Problem 2 – Having irregular financial reports

 

 

Having financial reports that don’t match up can be a huge problem for a small business. They will not be able to get an accurate picture of how they are performing as they could be missing data, have the wrong information or be misinterpreting it. On top of this, they may not be compliant.

 

Try to make doing your accounts a habit and put processes in place for all your accounting. Make sure you keep on top of regular reviews of transactions going in and out.

 

Are you making the most of your system?

Is there a better way?

Contact me to discuss

 

Problem 3 – Being investor ready

 

Are you looking to attract investors for growth

  • Are all your accounts and plans in order?

  • What is your business model for growth?

  • What are your Unique Selling Points (USPs)? and

  • What specialist experience do you have?

  • Why should an investor choose you?

 

I can help you prepare a detailed cash-flow forecast, profit and loss and break-even account for the next five years. Help you look at the current state of your finances. 

 

Problem 4 – Payroll management

 

Most small businesses feel confused about payroll (what is the best system to implement, what tax codes should they be using?) and can often find it is a real admin overload and something that they don’t want to be doing when they should be focusing on growing their business in other ways.

 

The most common problems relating to payroll are; tracking employee absence, over-or underpaying, compliance, tax filing, and using incompatible software.

 

Let me help you run your payroll or review your systems.

 

In summary

 

I can help you move your systems forward to help you control and understand your finances better