Starting a business is one of the most exciting endeavours a person can undertake. For many small business owners, becoming financially free is the driving force behind their decision to make the leap into entrepreneurship.
Many business owners find that the reality of running a small business comes with many challenges, especially when it comes to taking care of accounting. But being in a position where you do not have to worry about your finances and can enjoy the fruits of your labour is not just a privilege for ‘big business’.
The good news is that with the right insight, training and support, small business owners can set themselves on the path to financial freedom.
Here’s our top three tips to help you on your business journey.
1) Stay in control with accurate Bookkeeping
The first step you can take to becoming financially free is understanding where you are at with your spending and accounts. It is crucial to keep a record of your day-to-day income and expenses so that you have a clear view of your strengths and weaknesses financially.
But don’t worry, help is available if you’re a newcomer to bookkeeping or simply don’t have the time to manage this yourself. You can bring onboard a qualified bookkeeper to manage the recording and analysing of your finances. You can also sign up to a digital bookkeeping and accountancy service who help you automate your accounts yourself. Both can work hand in hand to help streamline your finances and improve your business budgeting and goal setting.
2) Make the most of Accountancy Software
Bookkeepers are trained in a range of online service providers and can help you maintain your records remotely. Utilising both a bookkeeper and digital software provider helps take the stress away from accounting and empowers you to feel in control of your finances. Get expert advice from a real person with the convenience and security of a specialised online system.
Tracking your accounts and tax records from the touch of a button on your smartphone couldn’t be easier. Online services make invoicing and payroll seamless. It’s the new normal in modern day business financial management. Quickbooks, Sage and Xero are just some of the market leaders today.
At Surrey Accountancy Limited we give small business owners and their staff access to high quality and in depth training to make the most of accountancy software to reach their financial goals.
3) Get Expert Business Advice
When you’re having to make tough financial decisions without any help or advice, life as a small business owner can feel lonely.
Hiring a business consultant can help improve performance, processes and make strategic changes to achieve success. Change can be difficult when you’re deep in the day-to-day running of a business. A business consultant can help you see the bigger picture and make informed decisions based on analysis and forward planning.
Save time and money with expert guidance from small business accounting and consulting services. You can find out more about our business consulting services here.
Get in touch with us at Surrey Accountancy Limited today, to learn how we can help you gain financial independence and confidence.