The Importance of Good Bookkeeping for New Businesses

Illy Smith No Comments

It can be very easy to get caught up in the thrill and chaos of starting a new business.  The initial months will be a whirlwind of new clients, problems to solve and exciting developments; which means that some of the more mundane, day to day aspects of running a business can fall by the wayside.  Keeping on top of your financial situation is pretty much the biggest make or break factor in surviving as a business of any age and as such ensuring that you have accurate records is essential. 


Bookkeeping – It’s no fairytale 

There is a real art to bookkeeping; with the need for a keen eye and attention to detail both being essential attributes to have.  You need to make sure that all of your transactions are being recorded, both incoming and outgoing, so that the financial health of your business can be seen at any time.  A failure to record your transactions properly can lead to a lot of problems occurring very quickly.  As a simple example, if you have an inaccurate record of how much money you have available to you, then overspending is almost guaranteed. 

Do it yourself? 

Whilst it is perfectly possible to undertake the task of bookkeeping yourself, if you are in the throws of running a fledgling business then you are going to have a lot on your plate.  Compromising the accuracy of your bookkeeping is something that you cannot afford to have happen, so if you are able to find a good bookkeeper to take on the task for you, then it is one less thing for you to worry about.  Having the responsibility of the bookkeeping taken off of you will allow you to focus more on the running of the business, and allowing someone with a lot of experience handle your records will mean mistakes are considerably less likely. 


Benefits and drawbacks 

The obvious drawback to employing the services of a professional bookkeeper is the cost.  No matter how much time it takes you to do the books, it won’t cost you any extra to do it yourself.  However, if you choose to look for a bookkeeper, then using a reputable company, such as Prime Numbers Accountants, will give you options.  Companies like this are very aware of the challenges facing new businesses, and will have various packages and service options available to help you find a balance that works.  On top of the purely practical reasons, a good bookkeeper should also be able to prepare your company for an audit and ensure that there are no complications on that front as well. 

Ultimately, having accurate and current business records is essential and if you have been managing without this until now then luck has clearly been on your side thus far.  Even if you choose to do your own books, make sure that you stay on top of it so that your business has the chance to succeed on its own merits, rather than being dragged down due to neglected bookkeeping. 

land survey

Consider a Pipe and Cable Locating Company for any Construction Projects

Illy Smith No Comments

If you are currently in the process of planning a construction or excavation project on a plot of land that you own, then we would highly advise that you consider a pipe and cable locating company first. 

event management

Have You Overlooked What A Destination Management Company Can Do For you? 

Illy Smith No Comments

Destination management isn’t necessarily the most well known industry out there, but the niche market that these company’s do occupy is much bigger than you might first assume. 

Essential Skills and Traits for Construction Workers 

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Gaining employment within the construction industry requires the right person to be applying for the job.  Now, employers say this about almost every job and arguably it is true,

Equipment Finance – A Different Type of Business Loan

Illy Smith No Comments


Not all forms of business finance are the same. Each type is catered to specific needs but it can be confusing understanding what the actual differences between them are and therefore which suits your circumstances the most. So what is equipment finance and more importantly is it what you need? Unsurprisingly this type of business finance is designed to allow you to acquire or replace equipment or machinery which you may need to either consolidate or expand your business. But what exactly does it involve and what are the benefits of it?

Promo Product Ideas

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Handing out freebies has always been one of the most successful way of ensuring that products get into the hands of the public. People always say that nothing in life is free so when things actually are people are very happy to receive them. Items which people might otherwise ignore become immediately more appealing when people do not have to pay anything for them. This is one of the reasons why promotional products are so successful. Through little expense a business can get their brand into people’s everyday lives by handing out items such as pens which have the company brand printed on them.

holiday home

Advice for Successfully Renting a Holiday Home

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More and more people are purchasing secondary homes to use as a means to either help with mortgage repayments or as part of a fully-fledged business enterprise. However it’s fair to say that it can become a bit of a minefield and if you don’t go about it right your potential investment could quickly turn into a financial burden. So how can you go about ensuring that you avoid some of the pit falls which can trouble the success of your holiday home rental?

Promotional Products

Promotional Products – Great Advertising for Your Business

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Whether your business is big or small, creating new customers is a common goal. Realistically, outside of word of mouth recommendations most exposure of your brand will come through advertising in all its forms.



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