How to simplify the painful task of small business accounts

Small Business Accounts

I am going to come clean now and admit something terrible, especially for a qualified accountant. I have got myself into a right old mess with my accounts. Mrs Mummypenny commenced trading 1st Sept 2015 and have failed to keep accurate expense reports. I could have made life so much easier by keeping regular records every week from this date, but no.  So now I have an end of March deadline. My first year of accounts from 1 Sept 2015 to 31 Aug 2016 need to be sent to my accountant by the end of this month March.  Keep reading to find out how to simplify the painful task of small business accounts.

How to simplify the 'Painful' task of small business accounts

Expense Disorganisation

To make things even worse my expenses are split all over the place in various accounts. I have many receipts of which I have kept everything and they are neatly organised into monthly envelopes. I also have expenses hitting my business bank account, my business Barclaycard, my PayPal account, my Tesco credit card and my personal bank account, argghhhh what a mess. Oh, and likely there is a lot of cross over between my receipts and my bank account expenses too. I can hear many of you out there nodding in sympathy and shared experience! This was my tick list of everything I need to go through by month to check for income and expenses.

Income is okay though!

I must point out that I have been good with my income. I have an accurate record of all invoices and of when income has been earned by my business by month. Income is checked every day (I am very much control freakish about income) and always know what has been paid, what I am owed. I can then chase for payment of invoices that are running late I am proud to say that this means I have never had an unpaid invoice, although have added on late payment fees to a few invoices that are late in payment.

Try Xero Accounting Software

Life would have been so much easier had I just set up an online accounting software tool such as Xero from the beginning, not now when I am running out of time to pull my account together. Xero is one of the most recognised accounting software tools in the world with over 800,000 people using it. There’s not a better time to join with 2 fab offers running at the moment. You can either get a 30 day free trial or get 25% off your monthly subscription for your first 3 months if you sign up before the end of March. Why not sign up to give a go and test out the features.

Here are some of the things it can do
• Fast reconciliation of bank accounts, credit cards and PayPal account imports all automated.
• Easy and automated invoicing, receive updates when opened.
• There is an on-the-go app available to allow you access and amend everything on the go
• You will have constant access to your all-important cash flow position
• Payroll can be run simply from the program
• VAT can be paid automatically through the software too
• Xero run a great partner program so you can easily find a recommended accountant.

I am very much supportive of tools in business that make life easier and accounts are a very necessary task that, let’s face it, just have to be done. So why not set yourself up with a great tool like Xero to save yourself time and worry.

This post contains affiliate links where I will earn a commission if you sign up to the service


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Lynn Beattie

Aka Mrs MummyPenny

Personal Finance Expert

I write about personal finance made simple, lifestyle choices that will save you time and money, as well as products and services that offer great value.

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