There is plenty of adivce on offer from any number of ‘expert’ sources. The advice can be on general business or it can delve into business specialities such as marketing, accounts or HR. How do you prioritise which adivce to listen to and implement?
In this blog post we are going to list 6 key elements of accounting advice that you really should understand before venturing into business. Understood, then they will help you navigate some of the trickier aspects or running your own business. Indeed, ask any seasoned business person and they will list the first five as important but earmark number 6 as business critical.
- Invoicing correctly – what is legally required on an invoice and how to account for those to whom you owe money.
- VAT – what VAT is, how it is collected and see if your business is required to register for VAT.
- Your legal obligations – depending on what type of business you have you may have to return certain reports to the CRO at the end of your financial year.
- Manage your bank account – ultimately all lodgements and withdrawals end up in your bank account and so knowing how to manage it is crucial.
- Filing your accounts – Look at the various final accounts that should be filed at the end of each accounting year to show the businesses financial performance for the year.
- Cashflow – cashflow, get it right and you will survive tougher times, get it wrong and even with wind in your sails, you’ll hit the rocks.
We recognised some months back that getting to grips with the above 6 tasks can appear to be a daunting undertaking. We talked to a number of small business owners and designed Account-Ability. It’s a simple and easy to follow 6 part video series designed specifically for business owners that need to brush up on their basic accounting skills.
Account-Ability takes just 40 minutes to complete and covers all the key questions raised in the 6 points above.
Check it out today on your mobile or your tablet and see how you can increase your knowledge and give your business every chance of success.
Lack of understanding of your business accounts can be stressful. Start here and eliminate that stress by understanding the basics of the accounts of your business.
Knowledge is power.
Your ability to understand your accounts is directly related to the performance of your business.