Struggling to keep up with your bookkeeping? You’re not alone. Many small business owners in Stafford find bookkeeping time-consuming and costly, but it doesn’t have to be. With the right tools and strategies, you can streamline your finances, save time, and even reduce accountancy fees.

Here’s how to optimise your bookkeeping and keep your financial records in top shape.

Bookkeeping tips for small and medium sized businesses in Stafford and the surrounding areas

1. Use accounting software

Gone are the days of manual bookkeeping. Cloud-based software like Xero or QuickBooks can save time and reduce human error. These tools allow you to track transactions in real-time, automate invoicing, and generate reports with ease.

Screenshot of quickbook expenses — Image: A screenshot of QuickBooks Expenses tab

2. Automate routine tasks

Automating recurring tasks such as invoice creation, payments, and bank reconciliation can drastically reduce bookkeeping time. Many accounting platforms integrate with bank accounts to import transactions automatically, eliminating manual entry.

Screenshot of Xero payment tab — Image: Screenshot of Xero and its invoicing function

3. Maintain consistency

Scheduling weekly or monthly bookkeeping sessions ensures your financial records stay up to date, helping you avoid last-minute stress during tax season.

Screenshot of Xero inventory section — Image: Xero screenshot of inventory to keep on top of stock.

4. Separate business and personal expenses

Ensure that you use separate bank accounts and credit cards for business transactions. This simplifies bookkeeping and prevents confusion when categorising expenses.

5. Understand tax requirements

Familiarising yourself with tax obligations such as VAT returns, payroll, and self-assessments can help you plan ahead and avoid penalties. Staying organised will also reduce the time your accountant spends on your finances, lowering your fees.

The pros and cons of good bookkeeping

The pros:

Time-saving: By automating routine tasks and using software tools, you can free up more time to focus on growing your business.
Reduced errors: Automated processes reduce human error, leading to more accurate financial records.
Lower accountancy fees: Efficient bookkeeping means less time spent by your accountant to correct mistakes, reducing their charges.

Cons:

Initial setup time: Setting up accounting software and automating processes can take time initially, though it will pay off in the long run.
Learning curve: If you’re new to accounting software, there may be a slight learning curve, but most platforms are user-friendly with plenty of support available.
Subscription fees: Even though most software start with initial discounts these can become quite pricey with time. However, your accountant might be able to get you a discount.

How Clearly Accounted can help

We specialise in helping small businesses in Stafford and the surrounding areas optimise their bookkeeping. From setting up the right accounting software to providing ongoing support, we ensure your financial records are accurate and compliant with tax laws. Our expertise allows you to focus on running your business while we handle the details.

Want to simplify your bookkeeping and save on accountancy fees? Contact Lisa at Clearly Accounted for expert guidance tailored to your small business.

Trusted resources

Xero – Cloud accounting software. Try it for free.
QuickBooks – Efficient business management. Start your free trial.
Sage - Integrated accounting, payroll and payment system.
FreeAgent - Free to Natwest, RBS and Mettle account holders.

Image: Screenshot of reporting tool on accounting software.

How better bookkeeping can reduce your accountancy fees