income and expenditure

Do you know the muffin man?

That one transaction back in May?

Then you remember the muffin man,

And the card you used to pay!

When you’re a busy business owner, it’s hard to keep a track of all your account statements and transactions.

Knowing this is the case, it’s probably no surprise that cases of fraud are also on the rise.

So how can you get things back on track?

First, it’s important to make sure that you set up a bank account specifically for your business.

If you’re trying to get to grips with your business finances amongst other income and domestic expenditure, it can be easy to lose track. When you’ve established a separate business account, it’s helpful to keep the number of individual transactions going out from the account to an absolute minimum. (To understand the best way to manage your accounts, book in some time with the team and we’ll guide you through some best practice tips)

Know your Income and Expenditure

Next, you should become familiar with the income and expenditure from your account. Your expenditure might include subscriptions, membership fees, mileage costs and marketing expenses. It’s important to understand which ones are essential for the running of your business, and which ones are no longer required. Once you understand what’s “normal” for your account activity, you can begin to understand if you’re making profit, whether you need to increase your workload or service charges and areas of spending where you need to cut back.

Finally, consider getting some help. In the early stages of running your business, you may choose to do everything yourself, including keeping a record of your finances and sending out invoices. Once you become more established, however, it’s worth investing in both accounting software and some professional expertise in the form of a bookkeeper or accountant.

Did you know that we provide flexible support options to suit your business? With over 30 years of experience (and counting) we diligently take care of your business’ needs to relieve your burden and help you plan for the future.

Want to know more? Get in touch through our online contact form or call us direct on 0161 211 9837 and find out how we can support you. At least you’ll stop having to worry about the muffin man!

Share this post

Leave a Comment

Your email address will not be published. Required fields are marked *