You’ve just started your own sole trader business and you’re full of excitement and keen to get on with doing what you love, and that’s probably not bookkeeping. Good financial records are the foundation of your business and could determine its success. Following these three simple steps will mean that bookkeeping is no longer a burden.
So you’ve won the client and completed the work; the hard part’s over now, so you can sit back and wait for the money to come rolling in on schedule…right? Sadly this isn’t the case for a lot of small businesses, according to data from Bacs Payment Schemes Ltd the average UK small business is owed £36,186 in unpaid invoices. Late payments can cause big problems for your cashflow, as well as taking up a lot of your time and distracting you from the areas of your business you enjoy.