If you feel more overwhelmed than organised when it comes to your business finances, you’re not alone. Our bookkeeping services in the UK are proof of that!
Around 50% of small business owners in the UK report that the stress of money management has impacted their mental health, and problems with cash flow have long since been a leading cause of company closures. But, it doesn’t have to be this way.
With our smart bookkeeping services, you can start making your money work for you. Good financial management can fuel small business growth, skyrocketing your success and getting rid of money worries once and for all. How? Let’s take a closer look.
1. Understand Your Finances
A huge perk of bookkeeping is that it helps you better understand your finances. As a small business owner, it’s vital that you have a good knowledge of money management, but with so much jargon and misinformation out there, that can be harder than it sounds! With our bookkeeping help for small businesses, we make it easy.
We can talk you through the basics of bookkeeping, from why it’s important to keep financial records to registering you for VAT when the time is right. Whenever you have a question about your finances, we’ll be there to answer it.
Of course, we’ll also do the hard work for you, setting up your systems for better money management. But a little bit of knowledge can help you feel more financially confident, giving you the peace of mind that your money is in good hands.
2. Save Money on Your Taxes
Clever bookkeeping companies (like our lovely team at Angel Bookkeeping & Payroll) can actually save your small business money.
This is largely down to organising your taxes and accounts. With our insights into how to properly track your taxable income as a sole trader and keep records of your accounts for corporation tax, we can take care of your tax compliance. This helps you avoid paying excess tax due to misrecording information.
We can also ensure that every tax-deductible expense on your records is accounted for. Our team know exactly what you can and can’t record for both sole traders and limited companies, and we’ll maintain records for organised accounts.
Our bookkeeping help for small businesses reduces your chance of receiving hefty fines, too (such as those handed out for missing tax return deadlines and accounts filing deadlines, or misreporting financial information). As a small business, the peace of mind that your taxes and accounts are all above board is invaluable!
You can then reinvest the money you save back into your company, increasing your profits and kickstarting long-term growth.
3. Understand Your Financial Health
Our small business bookkeeping gives valuable insights into the financial health of your company. With 20% of small businesses failing in their first year and one of the top causes being a lack of financial planning, this is crucial to your success.
We’ll help you start recording your transactions with an organised, easy-to-manage system that gives you a clearer picture of your income and expenses (your cash flow).
We’ll also sit down with you to chat about your financial health. This can include looking at any debt you have and advising on repayments, as well as tracking financial growth (or declines) to gain a better understanding of where your business success currently stands.
Bookkeeping help for small businesses gives you the knowledge you need to be financially proactive rather than reactive, too. We can help you spot cash flow issues before they become major problems and plan ahead for your company’s future.
4. Make Better Financial Decisions
A clear understanding of your money leads to better financial decisions. For example, by tracking your income and regular expenses, you can create accurate budgets for your small business. Once you know how much money you have left over at the end of every month, you can use this knowledge to guide decisions.
This could mean allocating a certain amount to reinvest in your company every month or realising you could pay off your debts quicker to reduce interest accumulation. It’ll also help you work out whether you can afford certain expenses, like an extra staff member, or whether your current costs need to be reduced in order to stay in the green and further your growth.
5. Lead With Your Natural Skills
Small business bookkeeping takes time. We ensure that you don’t spend hours in your workday organising receipts, chasing invoices, and compiling essential tax information, taking the stress from your shoulders.
As a small business owner, this gives you the opportunity to utilise your natural skills. Whether you’re a master marketer or a talented innovator, when you don’t have to focus your energy on your finances, you have time to grow your business using the skills that built it in the first place.
6. Plan For Growth on Solid Foundations
Understanding your financial health with our bookkeeping services in the UK is a smart way to create more realistic goals. You can set out actionable growth plans based on evidence rather than guesswork, using past finances to drive future success.
From expanding into a new location to offering a new service, you’ll have all the records you need to determine whether this is the right move for your finances. You’ll also be able to acquire funding quicker, presenting all the necessary documentation to move your application forward.
Poor financial planning, on the other hand, can actively hinder your business growth. A lack of records and nothing to analyse can cause setbacks, keeping your company stuck in one place.
Our small business bookkeeping ensures that you’re on the right path. If you’re feeling lost, dazed, and completely confused about how your finances can fuel your growth, our bookkeepers in Sussex are ready to help.
Angel Bookkeeping Services in the UK
At Angel Bookkeeping & Payroll, we offer bookkeeping services in the UK to small and medium-sized businesses. We can help you transfer old-school systems to the cloud, create better management of your financial data, and maintain balanced books, giving you more time to grow the business you love.
To learn more about our small business bookkeeping or to start organising your finances, get in touch with our team today. We’re always happy to help!