Bookkeeping is the recording of financial transactions, keeping on top of the day-to-day money related tasks within your business. In order to operate successfully, all businesses will need to carry out some form of bookkeeping.
When starting your business, it is good practice to keep on top of your bookkeeping from the start to ensure that all money coming in and out of your business is being recorded.
Here are 5 steps that should help you on your way to bookkeeping success.
Step 1 – Bank Accounts
Setting up a dedicated bank account for your business is one of the most straightforward methods to simplify your life. This practice can significantly streamline the reconciliation of your accounts, where you align your transactions with invoices and receipts, ultimately saving you a considerable amount of time.
Many banks provide business account services, and nowadays, there are options including online or app-exclusive banks.
Step 2 – Online Software
While it may appear to be an initial nonessential cost, investing in bookkeeping software can prove to be a transformative decision. Considering the implementation of Making Tax Digital for self-employed individuals starting from April 2026, it becomes essential to keep digital records and provide digital quarterly updates on their income and expenditure to HMRC through MTD compatible software.
The requirement to be set up on MTD compatible software can be daunting, however, NRB is committed to supporting your needs and providing an efficient and effective service to our clients.
Here at NRB, we can help advise on what software to use, be it a fully functioning cloud-based system, landlord specific and anything in between and we have dedicated digital team to make this a smooth and seamless transition.
We can also take the burden of this new compliance requirement off your hands through our dedicated bookkeeping team.
Step 3 – Stay ahead of it
Consistently stay organised and proactive. Avoid leaving tasks until the eleventh hour!
Ensure you retain all invoices and receipts for your business expenditures. If you’re utilising online software, you can conveniently snap a quick picture of your receipt and upload it immediately.
Tackling tasks in small, regular increments is far less intimidating than attempting to sift through a year’s worth of transactions – take our word for it!
Step 4 – HMRC obligations
Find out when all the relevant dates are for your submissions to HMRC. The timelines may differ based on your business structure, whether you’re a limited company, sole trader, or in a partnership.
Verify your submission obligations and make a note of these dates in your calendar to ensure you stay on track and avoid any missed deadlines.
Step 5 – Seek assistance if necessary
If you feel overwhelmed or encounter something you don’t understand, resist the urge to ignore it.
Get in touch and we’ll be more than happy to walk you through the process, address your enquiries, and even assist you with your everyday bookkeeping needs. NRB is dedicated to meeting your requirements and helping you every step of the way!
If you would like more information on getting set up or bookkeeping queries in general, please contact your usual NRB advisor or our bookkeeping team. Click here to find out more about NRB Bookkeeping services.