For all those that are self-employed or run a business, you already know that accounting costs can add up as your business takes off. My accounts were one of the main things I struggled with when I first set up Unique Boutique London. It was difficult to get my head around all the numbers and I knew that having an accountant was essential if I was to comply with UK tax laws.
The first time I hired an accountant, I had them do everything from beginning to end, and of course it wasn’t cheap. That was when I looked into how I could make the process cheaper for myself in future. I found various online platforms that allowed me to do my own bookkeeping. This meant going over all my records and receipts, and inputting them into an online system that clearly lays out what my financial year has been like. Keep in mind that you need to be very strict with your records and receipts in order to create a true picture of how your business is doing financially. Ryman has a great selection of filing cabinets that can keep you organised when it comes to your bookkeeping and accounts in general.
The process can be time consuming depending on the size of your business and the extent of your incomings and outgoings, however compared to how much an accountant would charge you for the same service, you’re saving a serious amount of money. You’re essentially saving your accountant the time of crunching all your numbers for you. Theyre doing less of the work involved in getting your accounts submitted and therefore the process is more affordable for YOU!
In my books, Time is Money and How To Become A Freelancer, I talk about money management in different forms. There is always money to be saved if you know what you’re looking for, and the knowledge I discover gets passed on to those who need it. My books are available via the link below if you’d like to discover more about getting the most out of your time and money:
Here are my three recommended bookkeeping platforms that will save you money on your next accounting period:
My favourite one of them all is Pandle. Simply because it’s free, easy to use and can have you up and running with little to no experience. You’re able to generate various documents including a balance sheets, which you can then forward onto your accountant for final review and submission.
2. Quick Books
One of the most popular accounting platforms is Quick Books. Plans start from as little as £10 a month and it has all the essential tools for both small businesses and the self-employed. It’s easy to connect to other apps that you may use for business, including Shopify stores.
3. Clear Books
Clear Books is HMRC recognised and tested, ensuring that it’s a reliable tool when it comes to your bookkeeping. The basic service is free and all paid plans come with extra features tailored to the size of your business.
In business you have to invest money to make money, but at the same time you can also save money along the way if you have the time and resources to do so. Using these bookkeeping platforms can be a great way to make sure your accounts are in order without breaking the bank.
We are striving for financial freedom…
T K Williams-Nelson